Amber Infrastructure’s Central and Eastern Europe-focused infrastructure fund has invested €150m to acquire a stake in independent power producer (IPP) R Power.

Amber said the Three Seas Initiative Investment Fund (3SIIF) is investing to buy a minority stake in R Power, a company majority owned by its founding shareholders. The 3SIIF will retain an option to increase its investment further to €250m.

R Power is active in solar photovoltaic and battery storage. The company is headquartered in Warsaw and has operations across Poland, Romania, Germany, Italy, Spain and Portugal. R Power is currently operating and constructing more than 500MWp of utility-scale solar PV plants in Poland and Portugal.

Amber said 3SIIF’s investment will support the company’s long-term growth strategy, with a plan to achieve 1GWp operating solar portfolio within the next two years across EU markets.

Przemek Pięta, co-founder and CEO of R Power, said: “The raised funds will help us accelerate growth of the company in Poland as well as other markets in which we operate such as Romania, Germany, Italy, Spain and Portugal”

Tomasz Sęk, co-founder and COO of R Power said R Power’s international pipeline has already exceeded 2GWp in development with over 50 employees outside Poland.

“We are excited about our partnership with 3SIIF to grow our existing footprint and capabilities further.”

Maciej Tarasiuk, senior investment director at Amber Infrastructure, said R Power has been a pioneer in supporting decarbonisation of the Polish energy system through development of solar energy.

“3SIIF fully supports R.Power’s ambitious development plan that will strengthen its position as a leading international IPP across photovoltaic and ancillary technologies.”

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