Polish renewables developer R.Power has secured a €75 million (US$79.5 million) investment from the European Bank for Reconstruction and Development (EBRD).
This is the second time the EBRD participated in financing for the Polish developer, with this time a capital increase aimed to support R.Power’s development of renewables, which includes a 1GW solar PV portfolio across several countries in Europe in the next couple of years.
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The EBRD invested alongside the Three Seas Initiative Investment Fund (3SIIF), a dedicated commercial fund targeting infrastructure investments in central and eastern Europe and invested in R. Power – which raised €150 million – earlier this year towards its long-term growth strategy.
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.”
Moreover, R.Power has a portfolio of 1.3GW of projects in various stages of development in Poland, Romania – where it formed a joint venture with asset manager Eiffel Investment Group to co-develop 1GW of solar PV –, Germany, Spain, Italy and Portugal.