Three Seas Initiative fund to buy into Polish solar developer R.Power

Luxembourg-based investor Three Seas Initiative Investment Fund SA SICAV-RAIF (3SIIF) has asked for antitrust approval to take joint control of Polish solar project developer R.Power, competition regulator UOKiK said on Tuesday.

Earlier in January R.Power said that as a result of its capital increase, it has accepted one of the three offers for a minority stake in the company and given an unnamed potential investor exclusive rights for further talks. The parties plan to sign an investment agreement subject to UOKiK approval.

In July R.Power announced a share issue directed at a financial investor, which is to become a significant minority shareholder of the company.

R.Power's group of companies develops, builds and operates solar farms as well as produces power in its own facilities. It has 7.8 GWp of projects in the pipeline of which 790 MWp are fully developed facilities and 635 MWp are currently under construction or already generating green energy. The company had consolidated sales of PLN 231 million (USD 53m/EUR 49m) in 2021 and a net profit of PLN 6 million.

3SIIF is an alternative investment fund active in energy, transport and digital infrastructure.

(PLN 10 = USD 2.30/EUR 2.12)

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