EBRD invests alongside the Three Seas Initiative Investment Fund in R.Power

R.Power S.A. (‘R.Power’) has raised a further €75 million of equity capital from EBRD following the investment in March 2023 by the Three Seas Initiative Investment Fund S.A. SICAV-RAIF (‘3SIIF’) bringing the total equity capital committed in 2023 to €250 million.

R.Power is a vertically integrated renewable energy developer and independent power producer based in Poland. The capital increase provided by 3SIIF and EBRD will support R.Power’s long-term growth strategy, with a plan to achieve a 1GW operating solar PV portfolio within the next two years across the EU, achieving significant GHG emissions savings. The transaction remains subject to obtaining regulatory approvals.

R.Power is one of the fastest growing privately owned renewable energy developers in Poland. In the few past years, the company has managed to significantly grow its renewables portfolio in Poland, Romania, Germany, Italy, Spain and Portugal. This is EBRD’s second investment into R.Power after participating in its green bonds issuance in 2022.

R.Power represents 3SIIF’s fifth investment and is complimentary to its existing energy investments. Since March 2020, it has made a number of investments: Cargounit, Poland’s largest locomotive leasing business, Enery, a renewable generation company with operations across Central and Eastern Europe; Greenergy, a data centre platform and BMF Port Burgas, a major port operator in Bulgaria.

Joe Philipsz, Head of 3SIIF at Amber Infrastructure, said “We welcome the investment of EBRD alongside 3SIIF. R.Power has proven its ability to successfully develop and operate substantial solar generation assets with close to 200 MWp having reached COD since our investment. It is continuing to increase its development portfolio and is active in bringing battery storage opportunities into the portfolio.”

Grzegorz Zielinski, EBRD’s Head of Energy Europe, said: “We are excited to partner with R.Power and support its growth journey. Fast growing renewable developers, such as R.Power, are essential part of energy transition and acceleration of renewables in Poland and the region. We look forward to supporting the Company in becoming one of the biggest regional renewable energy players.”

Elisabetta Falcetti, EBRD Director for Poland, said: “The EBRD’s investment in R.Power supports two of the EBRD’s strategic goals in Poland: to support the green transition of the Polish economy and to strengthen private companies making them more resilient to market challenges. We believe that our support through debt and equity will help R.Power achieve its strategic goals in becoming a regional leading IPP company.”

Przemek Pięta, Co-Founder and CEO of R.Power, said “EBRD’s substantial equity investment in R.Power is a strong vote of confidence in our mission and R.Power’s capabilities to become a leading European Independent Power Producer. This investment will bolsters our financial strength and allow faster deployment of renewable energy in our region. With new proceeds, we are well-positioned to accelerate our efforts towards a brighter and greener future for all.”

EBRD

The EBRD is a multilateral bank that promotes the development of the private sector and entrepreneurial initiative in 36 economies across three continents. The Bank is owned by 71 countries as well as the EU and the EIB. EBRD investments are aimed at making the economies in its regions competitive, inclusive, well-governed, green, resilient and integrated.

R.Power S.A.

R.Power S.A. is the leading integrated independent solar power producer in Poland, with a growing presence in Italy, Portugal, Spain, Germany and Romania. R.Power S.A.’s activities cover the entire value chain of the solar energy sector, including the development of photovoltaic power plant projects, photovoltaic power plants engineering, procurement and construction, operations and maintenance and production of green energy (as an IPP). The company has a portfolio of limited-risk projects (built, under construction or secured grid connection) of more than 1.3 GWp. R.Power is also Green Bond issuer with bondholders such as EBRD, PFR and BGK.

The Three Seas Initiative Investment Fund

3SIIF is a dedicated commercial fund targeting infrastructure investments in Central and Eastern Europe (‘CEE’). It invests in energy, transport and digital infrastructure in European Union (‘EU’) CEE member states which border the Baltic, Adriatic and Black Seas where the demand for long-term commercial investment into national infrastructure is among the highest in the EU. The Three Seas Region is comprised of 12 EU CEE member states which border the Baltic, Adriatic and Black Seas.

Amber Infrastructure Group is the exclusive investment adviser to 3SIIF and is responsible for origination, asset management and capital raising services.

Amber Infrastructure Group

Amber Infrastructure (‘Amber’) is a specialist international investment manager, focused on investment origination, asset management and fund management. With c.€5 billion in funds under management, Amber invests across eight funds and a number of managed accounts.

Amber’s core business focuses on sourcing, developing, advising, investing in and managing infrastructure assets across the public, transport, energy, digital and demographic infrastructure sectors that support the lives of people, homes and businesses internationally.

Amber is headquartered in London with offices in Europe, North America, Australia and New Zealand. Amber employs approximately 180 infrastructure professionals globally and manages over 175 investments.