Amber Infrastructure Group (‘Amber’), the specialist international infrastructure investment manager, is pleased to announce that the Three Seas Initiative Investment Fund S.A. SICAV-RAIF (‘3SIIF’, ‘the Fund’) has acquired a significant interest in Enery Development GmbH (‘Enery’), an operations-led renewable energy developer. The investment is due to complete following merger control approvals.
Enery owns a portfolio of 85MW of operating solar generation assets in Bulgaria, Czech Republic and Slovakia and has a significant development portfolio of over 2GW in a number of Three Seas countries, including Romania, Bulgaria, the Czech Republic, Slovakia and Austria.
Solar Photovoltaic (‘PV’) generation has yet to be widely deployed in Central and Eastern Europe (‘CEE’) despite the ideal conditions with high levels of irradiation and availability of suitable land. The increasingly pressing requirement to decarbonise the CEE region is expected to present substantial opportunities for renewables investment in the near term.
With its focus of PV development, Enery is well aligned with the Fund’s greenfield strategy and drive towards energy transition in the region. The business is managed by a team with a strong track record in the sector, who will continue to lead Enery as it constructs new generation assets across the region.
Enery represents 3SIIF’s third portfolio investment. The Fund has now made investments in each of its core sectors: transport, energy and digital infrastructure. The Fund’s previous investments include Cargounit – one of the largest private locomotive leasing companies in Europe in Poland – and Greenergy Data Centers – a CEE-focused data centre platform.
Enery builds on Amber’s PV track record which includes installing one of the UK’s largest roof-mounted solar PV arrays, as well as one of the largest PV developments in New York State. Amber has a heritage of making sustainable investments including the management of three specialist energy efficiency funds.
Joe Philipsz, Senior Investment Director at Amber Infrastructure, investment adviser to 3SIIF, noted: “Enery represents a significant milestone for the Fund as it makes its first energy sector investment. We are delighted to be working with an established and highly regarded management team to build significant new renewable generation assets across the Three Seas region”.
The Enery founders Lukas Nemec and Richard König added: “We are pleased that 3SIIF has committed such a significant amount of capital to Enery, allowing us to accelerate our vision of decarbonizing the power markets in the region. With 3SIIF’s investment, we will be able to invest EUR 1bn in the energy transition of a region which is shifting from coal- and lignite-dependent power generation to a fully renewable-based and sustainable generation mix. 3SIIF’s mandate is well aligned with our aim to be a leader in the green energy transition, providing clean, reliable and affordable electricity to CEE customers.”
For further information:
Amber Infrastructure Limited
Erica Sibree/Amy Edwards
+44 (0)20 7939 0558/0587
This announcement does not constitute or form part of, and should not be construed as, an offer, invitation or inducement or recommendation to make an investment nor shall it or any part of it form the basis of, or be relied upon in connection with, any contract or commitment whatsoever.
Amber Infrastructure Group
Amber Infrastructure (‘Amber’) is a specialist international investment manager, focused on investment origination, asset management and fund management. Amber’s core business focuses on sourcing, developing, advising, investing in and managing infrastructure assets across the public, transport, energy, digital and demographic infrastructure sectors that support the lives of people, homes and businesses internationally.
Amber is headquartered in London with offices in Europe, North America and Australia and employs over 150 infrastructure professionals.
The Three Seas Initiative Investment Fund
3SIIF is a dedicated commercial fund targeting infrastructure investments in Central and Eastern Europe (‘CEE’). The Fund will invest in energy, transport and digital infrastructure in European Union (‘EU’) CEE member states which border the Baltic, Adriatic and Black Seas where the demand for long-term commercial investment into national infrastructure is among the highest in the EU. The Three Seas region is comprised of 12 EU CEE member states which border the Baltic, Adriatic and Black Seas.
The Fund’s investments comprise: Enery, a renewables development platform; Cargounit, a locomotive leasing business in Poland; and, Greenergy, a data centre platform in Estonia.
Amber Infrastructure Group is the exclusive investment adviser to the Fund and is responsible for origination, asset management and capital raising services.
Enery is a young, renewable energy IPP founded by Richard König, Lukas Nemec and RP Global. Its focus is to invest in operating and greenfield solar assets and other renewable power facilities in Central and Eastern Europe.