In Estonia, the Three Seas Initiative Investment Fund S.A. SICAV-RAIF (3SIIF), advised by Amber Infrastructure Group (Amber), part of Boyd Watterson Global Asset Management Group LLC (Boyd), has announced that it has invested in Bioforce OÜ, the country's leading biomethane producer, operator, and distributor with a c.40 percent market share.
Bioforce has three operating biomethane plants in Estonia: Aravete, Ebavere and Laatre. A fourth plant is currently undergoing the first phase of commissioning in Viiratsi, and another is under construction in Vainode, Latvia, targeting a combined biomethane, aka renewable natural gas (RNG), output of over 250 GWh across plants.
3SIIF will provide Bioforce with expansion capital to help deliver its proprietary greenfield pipeline in Poland and the three Baltic states.
Together, these projects are expected to increase Bioforce’s annual production capacity fourfold to 1 TWh by 2032.
This investment marks a pivotal step in our growth journey and is the largest investment to date in biomethane production in the Baltic states. There is strong demand for biomethane in Estonia and across the wider region. This investment will increase local biomethane production capacity, which in turn supports the region’s energy security, said Henry Uljas, Chairman of the Management Group at Bioforce Group.
Enter Polish RNG market
To deliver this ambition, Bioforce will enter the Polish biomethane market by developing new projects supported by 3SIIF capital.
The move reflects Poland’s strong growth potential, as the company aims to transfer its specialist biomethane expertise into the local sector, fostering development and innovation in the region.
The company has already made strategic hires to lead its Polish operations and will continue to strengthen its local presence in the near term.
The investment gives 3SIIF exposure to a growing new energy sector through a scaled, regionally diversified, integrated biomethane platform, incorporating cross-border trading and industrial offtake.
The additional renewable energy capacity will accelerate the energy transition in Central and Eastern Europe (CEE), as biomethane production reduces reliance on imported natural gas and diversifies energy sources.
Bioforce is already Estonia’s largest biomethane producer, and with the support of this investment, we plan to accelerate our growth and expand production capacity across the Baltic states and Poland. This marks an important new chapter for us: we aim to begin construction of our first biomethane plant in Poland in 2027 and expect to build and commission at least ten biomethane plants across the country over the following five years, Henry Uljas said.
Sixth investment for 3SIIF
This represents the Fund’s sixth investment and enables 3SIIF to continue building a diversified portfolio across the CEE region.
The previous investments include: the acquisition of Cargounit, Poland’s leading locomotive leasing business; the construction of the most advanced data centre in the Baltics, through its investment in Greenergy Data Centers in Estonia; the acquisition of a majority interest in Enery, a renewables developer in the region with a 10+GW pipeline of projects; a significant interest in BMF Port Burgas, the largest private port operator in Bulgaria, and an investment in R.Power, one of the fastest growing renewable energy developers in Poland.
The biomethane sector is poised for significant structural growth across CEE, underpinned by the region’s ambition to strengthen energy security while accelerating decarbonisation. European policy continues to create a supportive framework for renewable gas, whilst growing corporate demand and the development of long-term offtake arrangements are improving market visibility for producers. We believe these favourable fundamentals make biomethane an attractive infrastructure investment and are pleased to support Bioforce, a platform that is well positioned to capitalise on this long-term growth, noted Christian Roy, Head of CEE at Amber Infrastructure.
