Polish developer R.Power is seeking a primary equity capital raise to fund its future growth plans in several European countries.
Announced today (6 July), R.Power said its management board had made the decision to seek additional funding in order to “further accelerate the next phase of the Company’s growth strategy” across Poland, Italy, Romania, Portugal, Spain and Germany.
While the company did not disclose the amount of capital sought or the targeted capacity across those countries, it has already stated its intention of developing 1GW of PV in Italy alone.
And in February, it received €189 million (US$215 million) from a banking consortium to finance its 299MW portfolio of solar PV projects in its home country of Poland, where it also has expanded its presence via the acquisition of Poland-based PV equipment wholesaler Menlo Electric.
R.Power said it intended to “engage in discussions with a group of financial investors”, with the potential new investor offered an opportunity to become a minority shareholder in the company.
R.Power said it has a current development portfolio of roughly 7GW of solar PV assets and has a de-risked solar PV portfolio of around 800MW.
Global investment bank Morgan Stanley & Co. been enlisted as the financial adviser to the R.Power on the transaction.