Polish Independent power producer (IPP) R.Power has formed a joint venture with French asset manager Eiffel Investment Group to develop more than 1GWp solar PV projects in Romania.
Both companies will invest up to €26.5 million (US$29.3 million) after forming the joint venture. R.Power will bring a portfolio of more than 50 solar PV projects at various stages of development, while Eiffel Investment Group will finance the development of the portfolio.
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“This third transaction for the Eiffel Transition Infrastructure fund will accelerate the deployment of additional renewable energy capacity in Romania by bringing much-needed equity in the development phase of the projects and leveraging R.Power’s strong experience of PV development,” said Pierre-Antoine Machelon, head of infrastructure at Eiffel Investment Group.
Przemysław Pięta, CEO of R.Power added that both companies had embarked on a journey to develop 1GWp of PV projects in the Romanian market, while the collaboration aligns with a mission to drive the global energy transition.
Apart from this joint venture, Eiffel Investment Group partnered with Lithuanian renewables developer Green Genius to develop and finance a 500MW solar PV portfolio in Italy. Eiffel will make an initial investment of up to €15 million in the projects, which will be predominantly located in the south of the country, in Puglia and the island of Sardinia.