US fund invests EUR 21 mln in Romanian energy and gas supplier
Restart Energy One (REO), which presents itself as the fastest-growing independent Romanian integrated energy and gas supplier, will get equity investments of up to EUR 21 mln from US-based Tejas Capital Group.
Andrei Chirileasa · Journalist
· Updated · 1 min read
Restart Energy One (REO), which presents itself as the fastest-growing independent Romanian integrated energy and gas supplier, will get equity investments of up to EUR 21 mln from US-based Tejas Capital Group.
The deal was closed at a valuation of EUR 87.5 mln for the Romanian company.
“Tejas is looking at high-growth, independent companies with a proven capability to effecting immediate positive impact on our climate and we found REO to be one of the most promising opportunities in the Central Europe region with an ambitious growth plan and tremendous potential,” said Gary Hoskins, Manager of Tejas.
REO says this transaction is part of an ongoing funding strategy executed together with its US-based financial advisor Interlink Capital Strategies for up to USD 500 mln of new funding.
The company will allocate the funds to the development of its proprietary 500 MW solar photovoltaic project pipeline. REO also aims to install and integrate at least 200 MWh of energy storage capacity into renewable projects to provide grid services and balance the portfolio.
“The capital provided by US-based Tejas will be used to fund the company’s renewable energy infrastructure and growth in Romania, contributing to its previously announced target of becoming the first 100% green energy supplier in the region by 2025,” said Armand Domuta, CEO and Founder Restart Energy.
(Photo source: the company)
