ETIC Partners, on behalf of its fund Energy Transition Europe II, has completed its fourth investment in Hungary, financing a portfolio of two photovoltaic plants with a total capacity of 58 MWp. ETIC provided €6.5 million in junior debt to refinance the equity of ID Energy Group. The plants, which became operational in 2025, are expected to generate approximately 80 GWh of electricity annually and avoid over 11,000 tons of CO2-equivalent emissions each year.
One of the plants benefits from a long-term incentive contract under Hungary’s “METAR” scheme, while the other has entered into a long-term power purchase agreement (PPA) with the local subsidiary of Holcim, a global leader in sustainable construction with net sales of CHF 16.2 billion in 2024. Under this PPA, the plant will supply Holcim with renewable electricity at a fixed price for 15 years through a physical connection, marking one of the first and largest PPAs successfully completed in Hungary.
ID Energy Group, headquartered in Ciudad Real, Spain, is an international renewable energy company with approximately 200 employees. Founded in 2008, the company specializes in the development, construction, and operation of photovoltaic projects and biogas units. It is active in Spain, Poland, Italy, Hungary, and also has a presence in Serbia, Croatia, and Chile.
Historically, ID Energy has focused on project development, with a total pipeline of 6.5 GW and 284 MW sold, and EPC/O&M services totaling over 500 MW. In mid-2023, the company raised €19 million from Pangram and Growth Capital Partners to support its transition to an independent power producer (IPP) model. Currently, ID Energy operates 71 MW of projects across Hungary, Spain, and Poland, with an additional 100 MW under construction, while remaining majority-owned by its founders.
Hungary’s National Energy and Climate Plan (NECP), finalized at the end of 2024, sets a target of 30% renewable energy in gross final energy consumption by 2030. Photovoltaic power is expected to account for the majority of this expansion, increasing from approximately 6.8 GW today to nearly 12 GW by 2030. The share of electricity generated by PV has grown from 4% in 2019 to almost 25% in 2024, positioning Hungary as a global leader. In June 2025, photovoltaic plants supplied more than 40% of Hungary’s electricity.
This transaction reinforces ETIC Partners’ strategic position in the Hungarian renewable energy market, one of Europe’s most dynamic. ETIC’s first fund, Energy Transition Europe, co-invested in 2024 in two photovoltaic projects with a combined capacity of 65 MWp. The Hungarian renewable sector is supported by stable regulations, a robust national support system, and a growing PPA market. Energy Transition Europe II is ETIC’s second junior debt fund and is making its fourth investment, just one year after launch.
Since 2021, ETIC has completed 16 transactions and funded over 680 MW of renewable generation capacity across Europe. The fund, classified as “Article 9” under European disclosure regulations, follows the same strategy as the first vintage: financing the construction of new renewable projects and refinancing existing projects with junior debt. The fund aims for a total size of €200 million, with investments ranging from €5 million to €25 million in PV, onshore wind, and storage projects. Its focus remains on supporting decarbonization across Europe, particularly in Central and Eastern European EU member states.
Simon Quiret, co-founder and CEO of ETIC, said: “Hungary is one of the most dynamic renewable energy markets in Europe, with a clear regulatory framework and a rapidly maturing PPA ecosystem. We are proud that Energy Transition Europe II continues to play a catalytic role in financing this transformation, supporting high-quality sponsors like ID Energy Group in their expansion across Central and Eastern Europe.”
Juan Garcia, Head of M&A and Structured Finance at ID Energy, added: “This transaction marks a strategic milestone, strengthening our liquidity and supporting the growth of our portfolio, allowing us to evolve into a leading independent power producer in Europe. We especially value ETIC’s support, which is key to consolidating our energy transition projects in the region.”
Energy Transition Europe II S.C.A. SICAV RAIF is a closed-end fund for professional investors, with Energie Management, fully owned by ETIC, serving as its Managing General Partner. The information provided does not constitute investment advice or an offer to invest.
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