EBRD invests 75 mln euro in R.Power for renewable growth

The transaction forms part of R.Power's 250-million-euro capital increase led by the Three Seas Initiative Investment Fund, EBRD said in a press release.

The fresh funds will mainly support R.Power's long-term growth strategy and the deployment of renewable energy capacities in Poland and Romania, the European lender said.

EBRD's investment is subject to regulatory approval by antitrust authorities. Upon completion, the founding shareholders of R.Power will retain a majority stake and their management responsibilities.

This is the EBRD’s second investment into R.Power after the lender took part in the company's green bonds issuance in 2022.

The Warsaw-based renewables developer is targeting a 1 GW operating solar PV portfolio within the next two years across the EU, according to a separate statement by the Three Seas Initiative Investment Fund, known as 3SIIF.

R.Power has developed projects with a total capacity of roughly 790 MWp, of which 635 MWp are currently under construction or are already operational, its website shows. The group, which also provides O&M services and supplies green electricity through power purchase agreements (PPAs), is active in Poland, Spain, Italy, Portugal, the Netherlands, Germany and Romania.

"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 bolster our financial strength and allow faster deployment of renewable energy in our region," R.Power co-founder and CEO Przemek Pieta said.

In March, 3SIIF acquired a minority stake in R.Power for 150 million euro.

3SIIF is operated by 13 EU member states, supporting infrastructure projects in the Three Seas region, which encompasses the Baltic, Black, and Adriatic Seas. The fund is exclusively advised by UK-based investment manager Amber Infrastructure Group. Its investment portfolio includes Austrian renewable energy group Enery and Bulgarian port operator BMF Port Burgas.

($ = 0.9425 euro)