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RGreen Invest, through its Infragreen equity funds, and Renalfa Solarpro Group have reached an agreement to establish a new joint venture company – Renalfa Power Clusters (RPC). Both sponsors are jointly committing EUR 200 million in equity to finance the construction of an EUR 800 million pipeline of large hybrid renewable energy assets in Romania and Poland.
Headquartered in Vienna, Renalfa IPP was established by clean energy and e-mobility company Renalfa Solarpro Group and French renewable energy infrastructure fund manager RGreen Invest. Now the two partners are launching another joint venture, for Romania and Poland.
In less than five years, Renalfa IPP has grown into one of Europe’s leading investors and operators of utility-scale hybrid assets equipped with long-duration battery energy storage systems, according to the update. The rapid development has enabled Renalfa IPP to implement an innovative business model and become the first company in Europe to bring green baseload products to market, the announcement reads.
Deploying next generation tech for renewables, storage, dispatch
The new firm, Renalfa Power Clusters, has the task of deploying next generation technologies for renewable power generation, storage and dispatch, marking a pioneering step forward in electrification and the energy transition. It would deliver demand-side optimization solutions for low-carbon industries and data centres, leveraging long-duration BESS as a cornerstone technology.
”Over the past five years, our partnership with the Renalfa team has demonstrated that Europe, and Eastern Europe in particular, can be a fertile ground for innovative business models and advanced financing and risk‑management frameworks,” said Founder and Chief Executive Officer of Rgreen Invest Nicolas Rochon.
The two companies are committing EUR 200 million in equity for RPC, for the construction of an EUR 800 million pipeline of large hybrid renewable energy assets. RGreen Invest is entering the new chapter through its Infragreen funds.
Don’t shy away from volatility
Renalfa’s CEO Ivo Prokopiev expressed gratitude to RGreen Invest for supporting “unorthodox ways” of renewable energy investments.
“Our philosophy has always been that investors in energy transition should not try to shy away from risks and volatility related to the renewables, but understand and manage them by applying new business models and the latest technologies. Most of the people don’t talk about it, but we are in the midst of the electrification revolution. It is not noisy and is purely market-based. It isn’t dependent on policy instruments, that’s why it is irreversible,” he stated.
There is a learning curve on how to apply batteries and optimizing technologies in the different use cases of economic activity, Prokopiev pointed out. “The banks and the capital markets started to see the opportunity and I expect more financing to be available for competitive merchant projects,” he stressed.
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