June 2010 – January 2016
Looking for a partner to expand their business
The owners of Energy21, the largest independent operator of solar power plants in Central and Eastern Europe, were looking for a partner to expand their business, and MidEuropa’s strong reputation led to a deal in June 2010. During our hold period, the company more than doubled its generation capacity to 61 megawatts. Energy21 was successfully exited in January 2016 in a sale to an infrastructure-focused financial investor.
The backdrop at the time of MidEuropa’s investment was attractive due to the regulatory regime for photovoltaics, given the EU’s objective for 20% of energy source to be derived from renewable energy by 2020. Energy21, with its scale, a combination of operating assets and project development pipeline, represented an ideal platform for both greenfield development and acquisitive growth. Just months after the investment, in late 2010, MidEuropa arranged project financing to enable Energy21 to more than double its generation capacity.
- Organic Growth