EBRD Invests €75 Million in Poland’s R.Power to Boost Green Energy Expansion

EBRD Invests €75 Million in Poland’s R.Power to Boost Green Energy Expansion

(IN BRIEF) The European Bank for Reconstruction and Development (EBRD) is investing €75 million in R.Power S.A, a leading renewable energy developer in Poland, to support the expansion of green energy generation across Europe. This marks the EBRD’s second investment in R.Power, and they are partnering with the Three Seas Initiative Investment Fund (3SIIF) for the first time. R.Power, one of Poland’s fastest-growing renewable energy developers, plans to achieve a 1 GWp solar photovoltaic portfolio across the EU in the next two years. The capital injection aims to accelerate their growth and contribute significantly to greenhouse gas emissions reduction.

(PRESS RELEASE) LONDON, 24-Oct-2023 — /EuropaWire/ — The European Bank for Reconstruction and Development (EBRD) is supporting the development of green energy generation by investing in R.Power S.A, a vertically integrated renewable energy developer and independent power producer based in Poland.

The Bank has committed €75 million 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 is one of the fastest-growing privately owned renewable energy developers in Poland. The company has expanded its renewables portfolio significantly in recent years, not only in Poland, but also in other European Union (EU) markets, including Romania, Germany, Italy, Spain and Portugal.

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

The combined capital increase provided by the EBRD and 3SIIF will 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, achieving significant GHG emission savings. The EBRD will work with R.Power to strengthen its environmental, social and corporate governance practices, focusing in particular on the management of supply-chain risks and issues.

The transaction remains subject to obtaining regulatory approvals.

The EBRD’s support comes at a time when raising capital is increasingly difficult and the need to accelerate the development of renewable energy is greater than ever, amid increased geopolitical uncertainty and related global energy security concerns. Distributed renewable energy is recognised as the solution not only to achieving global net-zero goals, but also to ensuring a secure and affordable supply of energy.

Grzegorz Zielinski, the 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 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.”

Elisabetta Falcetti, EBRD Regional Director for Poland and the Baltic States, 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 leading regional independent power producer.”

Przemek Pięta, co-founder and CEO of R.Power, said: “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.”

Joe Philipsz, Head of 3SIIF at Amber Infrastructure Group, said: “We welcome the investment of the 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 commercial operation date (COD) since our investment. It is continuing to increase its development portfolio and is active in bringing battery storage opportunities into the portfolio.”

3SIIF invests in energy, transport and digital infrastructure in 12 CEE EU member states bordering the Baltic, Adriatic and Black Seas (the Three Seas region), where demand for long-term commercial investment in national infrastructure is among the highest in the EU.

Amber Infrastructure Group (Amber) is the exclusive investment adviser to 3SIIF, responsible for origination, asset management and capital-raising services. With around €5 billion in funds under management, Amber invests in 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.

It 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.

R.Power is the leading integrated independent solar power producer in Poland, with a growing presence in other EU countries. Its activities cover the entire solar energy value chain, including the development of PV power plants, PV power-plant engineering, procurement and construction, operation and maintenance, and the production of green energy (as an independent power producer).

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 a green bond issuer, with bondholders including the EBRD, the Polish Development Fund (PFR) and Polish development bank Bank Gospodarstwa Krajowego (BGK).

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SOURCE: EBRD