O3 Partners' new fund banks €70.7M for European renewables, eyes Hungary
What's the deal? O3 Partners has announced a €70.7 million first close for its ELO3 Green Energy Fund, which targets European renewable-energy infrastructure projects. The Dutch-based firm, led by Péter Oszkó, raised the sum alongside two institutional investors. At least 30% of the fund's €100 million target is earmarked for Hungarian projects.
One caveat: the €70.7 million consists of preliminary capital commitments. These become binding only once final agreements are signed in the coming weeks.
What's the endgame? ELO3 has a €100 million target and a €200 million maximum size, with final close planned within a year of the first close. The fund will invest mainly in ready-to-build projects and project companies where most permitting and development risks have already cleared.
The 10-year fund structures five years of primary investment, three of follow-on and supplementary investment, and two for exits. At least 80% of capital must be deployed in the EU, with up to 20% allowed in non-EU Balkan countries.
Why now? The fund backs the EU's energy-security and decarbonisation goals, plus the grid's need for more renewable and storage capacity. O3 Partners is making the move while separately preparing a public share offering and a move to the Budapest Stock ExchangeDealroom has a profile for this one. Try Dealroom →'s Standard category.
The signal: ELO3 enters a crowded European market. Gore StreetDealroom has a profile for this one. Try Dealroom →'s storage fund announced a first close in January 2026 toward a €500 million target, and L&GDealroom has a profile for this one. Try Dealroom → and NTRDealroom has a profile for this one. Try Dealroom → unveiled €330 million for a clean-power fund in October. ELO3's 30% Hungary allocation could channel meaningful capital to a market already drawing large-scale renewables-and-storage investment — though its significance will hinge on reaching final close and deploying into projects.
Read more: startuponline.hu
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