Mid Europa Partners has agreed to invest €60 million for an equity stake in Energy 21, a Czech developer and operator of solar power parks in Central and Eastern Europe.
Mid Europa Partners, the largest private equity firm focused on buyouts in Central and Eastern Europe (CEE), announced today that it has entered into an agreement to acquire a strategic stake in Energy 21, a.s., and has committed to inject new equity to support Energy 21’s growth strategy in CEE. Mid Europa is also in advanced discussions with a group of banks for a project finance facility. The transaction is subject to customary closing conditions, including competition clearance.
Energy 21 is the largest Czech-based independent developer and operator of solar power (photovoltaic) parks in Central and Eastern Europe, with an installed generation capacity of 26 megawatts and a further 75 megawatts in development. The company is in the process of further growing its local market asset base and is evaluating opportunities to expand into other CEE renewable energy markets.
Thierry Baudon, Managing Partner of Mid Europa, said: “Following our decision to add renewable energy to the core sectors in which we focus our deal origination efforts, we are very pleased to have now realized our first investment in a very promising platform with significant growth prospects. We intend to increase our exposure to the renewable space in Central and Eastern Europe, and hope that Energy 21 will serve as base for a series of attractive transactions to come in the near future.”
Stefan Tzvetkov, Director of Mid Europa, who executed the transaction together with Robert Chmelar, said: “We look forward to this exciting opportunity to combine Energy 21’s renewable industry know-how and entrepreneurial management with Mid Europa’s pan-regional investment expertise and ability to develop innovative financing solutions, in our effort to build a platform for future growth in CEE photovoltaics.”
Speaking on behalf of the shareholders and management, Daniel Kunz, CEO of Energy 21, said: “This anchor investment by Mid Europa, the largest private equity investor with a focus on our markets, is an important milestone for Energy 21 as it validates the direction of our development strategy to date and provides a strong foundation for the company’s next phase of growth.”
ABOUT MID EUROPA PARTNERS
Mid Europa Partners is a leading independent private equity firm focused on Central and Eastern Europe. Operating from London, Budapest and Warsaw, Mid Europa Partners advises and manages funds with asset value of approximately €3.2 billion. The Mid Europa Partners team has been investing in Central and Eastern Europe since 1999.