Project Horus (EBRD-54320)

  • Europe and Central Asia
Geographic location where the impacts of the investment may be experienced.
  • Poland
  • Romania
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Jul 19, 2023
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
R.Power S.A., Three Seas Initiative Investment Fund S.A. SICAV-RAIF
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Energy
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 84.04 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 75
Converted using 2023-07-19 exchange rate.
Project Cost (USD)
$ 280.12 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 250
Converted using 2023-07-19 exchange rate.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Nov 10, 2023

Disclosed by Bank Oct 23, 2023

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

As stated by the EBRD, the project consists of an indirect equity investment of EUR 75 million in the context of the primary share capital increase of R.Power S.A., a Warsaw-based utility-scale renewables developer and independent power producer, with activities mainly in Poland, with a smaller fraction of expansion projects located outside of Poland.

The investment is part of the EUR 250 million investment round led by the Three Seas Initiative Investment Fund S.A. SICAV-RAIF, a fund targeting key infrastructure projects in CEE, exclusively advised by Amber Infrastructure Group, a UK-based specialist international infrastructure investment manager.

Following the capital increase, the founding shareholders of R.Power will retain a majority stake and continue to lead the Company.

The EBRD investment is subject to merger control approval.

The proceeds will be primarily used to support the Company's long-term growth strategy and deployment of renewable energy capacities in Poland and Romania.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

As stated by the EBRD:


3S Ra Holdings S. a r.l., a private limited liability company incorporated in Luxembourg and the investment vehicle established to invest in and to acquire a minority stake in the Company.


R.Power is a vertically integrated solar, wind and battery storage developer, EPC and O&M contractor and an independent power producer incorporated in Poland.


The Fund invests in energy, transport and digital infrastructure in the EU CEE member states which border the Baltic Sea, the Adriatic Sea or the Black Sea, where the demand for long-term commercial investment into national infrastructure is among the highest in the EU. 


Amber Infrastructure is a UK based specialist international investment manager, focused on investment origination, asset management and fund management with c. EUR 5 billion in funds under management.

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Client - R.Power SA:

Tomasz Sciesiek
Phone: +48 505 264 379
Address: R.Power S.A., Pulawska 2, 02-566 Warszawa, Poland

Fund manager - Amber Infrastructure Group:

Address: 3 More London Riverside, London, SE1 2AQ, United Kingdom
Phone: +44 (0) 20 7939 0550


You can request information by emailing: or by using this electronic form:


The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent.

You can contact the PCM at: or you can submit a complaint online using an online form at:

You can learn more about the PCM and how to file a complaint at:

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How it works