Teasers out for Austria-based Enery Development capital raise

The backers of a central and eastern Europe-focused IPP with a multi-hundred MW operational portfolio have begun sounding investors over a fresh capital raise to accelerate its growth. 

Having over the past two years taken its installed renewables capacity from under 100 MW to 312 MW, Austria-based Enery and its shareholders are now on the lookout to add a new investor to the company’s shareholder roster, in doing so raising further equity to help realise its 7 GW-plus project pipeline.

The group is being advised on the “Project Oak” transaction by financial advisor Citi, with teasers on the deal having begun to circulate earlier in January, according to market sources.

Enery’s current shareholders include fellow Austrian IPP RP Global, company founders Richard König and Lukas Nemec, and the Amber Infrastructure-managed Three Seas Initiative Investment Fund (3SIIF), which took a stake in the business in May 2021.

The IPP is active across the Czech Republic, Slovakia, Bulgaria, Austria, Romania and Estonia, predominantly in onshore wind and solar PV.

3SIIF is believed to be leading the fresh capital raise, with a first round of bidding projected to run through 1Q24.

Enery most recently in 4Q23 brought into operation an initial 20 MW solar PV project in Estonia, with completion on a further 12 MW scheme in the country set to follow shortly after.

3SIIF and Enery were both contacted for comment.

*This story was originally published exclusively for Energy Rev subscribers.

Energy Rev is a leading proprietary news service focused on renewable energy market Development, Financing & M&A opportunities in Europe. The company was recently acquired by New Project Media.