The Investment Fund of the Three Seas Initiative (FII3M), which comprises a group of 12 signatory countries, including Poland and Romania, has signed an initial investment of 150 million euro for R.Power, the largest independent developer of photovoltaic projects in Poland, funds that will support the company’s development on European markets, including Romania.

In exchange for the investment, the Fund will acquire a minority stake in the Polish company, subject to obtaining approvals from the relevant authorities. The fund has the option to increase its investment up to 250 million euro, writes Profit.ro.

R.Power’s founding shareholders will retain a majority stake and continue to run the company.

FII3M’s investment will help the company accelerate its growth in Poland, as well as in other markets, including Romania, says Przemek Pięta, co-founder and CEO of R.Power.

The Fund’s investment will also support the company’s long-term growth strategy, which plans to reach an operational solar portfolio of 1 GW in the next two years in the EU markets. Currently, the company operates and builds over 500 MWp of utility-scale photovoltaic plants in Poland and Portugal, with a total portfolio of photovoltaic assets under development of over 8.3 GWp in the five countries where it is present (Poland, Portugal, Romania, Italy, Spain and Germany).

The Three Seas Initiative Investment Fund is a commercial fund dedicated to infrastructure investments in Central and Eastern Europe.