The European Bank for Reconstruction and Development (EBRD) on Monday unveiled a new commitment to invest EUR 75 million in Polish independent power producer (IPP) and renewables developer R.Power SA to help it expand its business.
The transaction, which is pending regulatory clearance, will see the bank co-invest with the Three Seas Initiative Investment Fund (3SIIF) as part of a capital hike at R.Power. It is EBRD’s second investment after its participation in the Polish firm’s green bond issuance last year.
“This investment will bolster our financial strength and allow faster deployment of renewable energy in our region,” commented Przemek Pieta, co-founder and CEO of R.Power.
The Polish company is a renewables developer looking to achieve a 1-GWp portfolio of operating solar photovoltaic (PV) plants across the EU within the next two years. Apart from Poland, it also has projects in Romania, Germany, Italy, Spain and Portugal.
Following the EBRD’s latest investment commitment, R.Power’s total equity capital committed in 2023 amounts to EUR 250 million, it said.