The Three Seas Fund makes its first energy investment
The Three Seas Initiative Investment Fund, invests in RP Global-backed renewables developer Enery
Three Seas Initiative Investment Fund S.A. SICAV-RAIF (‘3SIIF’, ‘the Fund’) announces that it has made its first investment in the energy sector, acquiring a significant interest in Enery Development GmbH (‘Enery’), an operations-led renewable energy developer. The existing shareholders, RP Global and Enery Management, will remain invested with a long-term vision to partner for growth within the Three Seas region. The investment is due to complete following merger control approvals.
Enery owns a portfolio of 85MW of operating solar generation assets in Bulgaria, Czech Republic and Slovakia and has a significant development portfolio of over 2GW in a number of Three Seas countries, including Romania, Bulgaria, the Czech Republic and Slovakia.
Solar Photovoltaic (‘PV’) generation has yet to be widely deployed in Central and Eastern Europe (‘CEE’) despite the ideal conditions with high levels of irradiation and availability of suitable land. The increasingly pressing requirement to decarbonise the CEE region is expected to present substantial opportunities for renewables investment in the near term.
With its focus of PV development, Enery is well aligned with the Fund’s greenfield strategy. The business is managed by a team with a strong track record in the sector, who will continue to lead Enery as it constructs new generation assets across the region.
Enery represents 3SIIF’s third portfolio investment. The Fund has now made investments in each of its core sectors: transport, energy and digital infrastructure. The Fund’s previous investments include Cargounit –the largest private locomotive leasing company in Poland – and Greenergy Data Centers – a CEE-focused data centre platform.
Joe Philipsz, Senior Investment Director at Amber Infrastructure, investment adviser to 3SIIF, noted: “Enery represents a significant milestone for the Fund as it makes its first energy sector investment. We are delighted to be working with an established and highly regarded management team to build significant new renewable generation assets across the Three Seas region”.
The Enery founders Lukas Nemec and Richard König added: “We are pleased that 3SIIF has committed such a significant amount of capital to Enery, allowing us to accelerate our vision of decarbonizing the power markets in the region. With 3SIIF’s investment, we will be able to invest EUR 1bn in the energy transition of a region which is shifting from coal- and lignite-dependent power generation to a fully renewable-based and sustainable generation mix. 3SIIF’s mandate is well aligned with our aim to be a leader in the green energy transition, providing clean, reliable and affordable electricity to CEE customers. We would like to thank our founding partner RP Global for the trust and support they have given us in the last two years, and we look forward to continuing the growth of Enery together with 3SIIF and RP Global.”
Gerhard Matzinger, CEO of RP Global, said: “Less than two years ago, RP Global backed an amazing management team and became a founding partner of Enery. The investment by 3SIIF, a long-term investor committed to the Three Seas region, is a perfect match for the management and RP Global as we build on the success to date and continue to develop significant new renewable generation.”
This announcement does not constitute or form part of, and should not be construed as, an offer, invitation or inducement or recommendation to make an investment nor shall it or any part of it form the basis of, or be relied upon in connection with, any contract or commitment whatsoever.
Amber Infrastructure Group is the investment adviser to the Fund and is responsible for origination, asset management and capital raising services.
The Three Seas Initiative Investment Fund
3SIIF is a dedicated commercial fund targeting infrastructure investments in Central and Eastern Europe. The Fund invests in energy, transport and digital infrastructure in the Three Seas region where the demand for long-term commercial investment into national infrastructure is among the highest in the European Union (‘EU’). The Three Seas region is comprised of 12 EU CEE member states which border the Baltic, Adriatic and Black Seas.
The Fund’s investments comprise: Enery, a renewables development platform; Cargounit, a locomotive leasing business in Poland; and, Greenergy, a data centre platform in Estonia.
Amber Infrastructure Group
Amber Infrastructure (‘Amber’) is a specialist international investment manager, focused on investment origination, asset management and fund management. 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 and Australia and employs over 150 infrastructure professionals.
Enery is a young, renewable energy IPP founded by Richard König, Lukas Nemec and RP Global. Its focus is to invest in operating and greenfield solar assets and other renewable power facilities in Central and Eastern Europe.
RP Global is a Vienna/Madrid-based independent power producer with more than 35 years of experience in renewable energies. As a developer, investor and operator, the company’s focus is on hydro, wind and solar PV projects in Europe, Africa and South America. Currently, RP Global is actively developing a pipeline of around 9 GW.