Sunday, May 26, 2024
HomeFinanceEBRD invests 75 mln euros in Poland-based renewables developer R.Power

EBRD invests 75 mln euros in Poland-based renewables developer R.Power

The European Bank for Reconstruction and Development (EBRD) announced on Monday (23 October) that it is planning to invest in R.Power, a Poland-based vertically integrated renewables developer.

The Bank has committed 75 million euros towards a capital increase aimed at business expansion. This is the EBRD’s second investment in R.Power, having participated in the firm’s green bond issuance in 2022.

R.Power has “significantly” expanded its renewables portfolio in recent years in Poland and other EU markets including Romania, Germany, Italy, Spain and Portugal, the EBRD noted in a press release.

This is the EBRD’s first co-investment alongside the Three Seas Initiative Investment Fund (3SIIF), a dedicated commercial fund targeting infrastructure investments in Central and Eastern Europe (CEE).

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

The combined capital increase provided by the EBRD and 3SIIF is expected to support R.Power’s long-term growth strategy, including its plan to achieve a 1 GWp operating solar photovoltaic (PV) portfolio across the EU within the next two years.

The EBRD will work with R.Power to strengthen its environmental, social and corporate governance (ESG) practices, focusing in particular on the management of supply-chain risks and issues.

“The 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. With the new proceeds, we are well positioned to accelerate our efforts towards a brighter and greener future for all,” said Przemek Pięta, Co-founder and CEO of R.Power.

The transaction remains subject to obtaining regulatory approvals, the EBRD said in the press release.

Sign up for our newsletters

    Monthly newsletter – Delivering the most important energy stories of the month selected by our Editor-in-chief
    Weekly Oil&Gas roundup - All major news about the oil and gas industry, LNG developments, the upscaling of new gases and related EU regulations arriving in your mailbox every Monday.
    Weekly Renewables&Climate roundup - All major news about investments in renewable energy sources, environment protection, green hydrogen and new innovative ways to tackle the climate crisis arriving in your mailbox every Tuesday.

    Most Popular