China-CEE Fund I exits Energy 21

The China-CEE Fund I (Fund), whose exclusive advisor is CEE Equity Partners, exited its investment in the Energy 21 Group on the 14th of July 2021 to Energy Development – a Vienna based renewable energy company backed by the Three Seas Initiative Investment Fund (3SIIF) and RP Global.

The Fund sold its portfolio of 36 PV plants held or managed by the Energy 21 group, in the Czech Republic. Energy 21 is the 3rd largest operational solar PV portfolio in the Czech Republic with a total installed capacity of 71 MW. Most of the Portfolio is located in the Moravia and Bohemia regions, benefiting from the most favourable solar irradiation in the country.

Since 2016, CEE Equity Partners together with the Management, successfully developed Energy 21 into a major PV portfolio in the Czech Republic, capitalising on value accretive acquisitions of PV assets, a balanced capital structure, and stellar asset management which implemented the Fund’s strategy of a relentless attention to optimising the Group’s returns profile.

CEE Equity Partners ran the sale process internally, while CMS Cameron McKenna acted as its legal advisor.

The sale of Energy 21 marks the 4th exit of the Fund in 2021, following the sale of Polish wind asset to a global renewable energy leader Iberdrola, that of the Fund’s stake in the Polish renewable energy group Polenergia to Brookfield Renewable Partners, and the sale of Budapest Metropolitan University to a Hungarian financial sponsor.