Porta Finance advises Bioforce Group on the capital raise from Amber Infrastructure
The Three Seas Initiative Investment Fund S.A. SICAV-RAIF (‘3SIIF’), advised by Amber Infrastructure Group (‘Amber’), is investing in Bioforce Group (‘Bioforce’), the largest biomethane producer, operator, and distributor in the Baltics.
Bioforce has three operating plants in Estonia, with a fourth currently undergoing the first phase of commissioning, targeting a combined biomethane output of over 250 GWh. 3SIIF will provide Bioforce with expansion capital to help deliver its proprietary greenfield pipeline in Poland and the Baltic States. Together, these projects are expected to increase Bioforce's production capacity fourfold to 1 TWh by 2032.
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 addition of renewable energy capacity will accelerate the energy transition in Central and Eastern European (‘CEE’), as biomethane production reduces reliance on imported natural gas and diversifies energy sources.
Christian Roy, Head of CEE at Amber Infrastructure, noted: “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”.
Henry Uljas, Chairman of the Management Group at Bioforce Group said: "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. 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 10 biomethane plants across the country over the following 5 years".
Bioforce Group
Bioforce Group is Estonia's leading biomethane producer, operator and distributor, with a market share of approximately 40%. The company produces biomethane and develops waste based renewable energy solutions in Estonia, Latvia and Poland. The group comprises 13 subsidiaries, including three operating biomethane plants (Aravete, Ebavere and Laatre) and the Viiratsi plant, due to become operational in 2026. More than 380 Tallinn public transport buses run on Bioforce biomethane, together covering more than 31 million kilometres in 2025. The company aims to grow its biomethane production to 1 TWh by 2032.
The Three Seas Initiative Investment Fund
3SIIF is a dedicated commercial fund targeting infrastructure investments in Central and Eastern Europe (‘CEE’). It invests in energy, transport and digital infrastructure in European Union (‘EU’) CEE member states which border the Baltic, Adriatic and Black Seas where the demand for long-term commercial investment into national infrastructure is among the highest in the EU. The Three Seas Region is comprised of 12 EU CEE member states which border the Baltic, Adriatic and Black Seas.
Amber Infrastructure Group is the exclusive investment adviser to 3SIIF and is responsible for origination, asset management and capital raising services.
Amber Infrastructure Group
Amber is part of Boyd Watterson Global Asset Management Group LLC, a global diversified infrastructure, real estate and fixed income business with over $39 billion in assets under management and over 300 employees with offices in eight US cities and eleven countries.
Amber itself is a specialist international investment manager focused on investment, asset management and fund management. Amber currently manages or advises nine funds and managed accounts (two listed and seven private) with c.£5 billion in funds under management. With a presence across 11 countries, Amber manages over 200 infrastructure investments representing total assets under management (‘AUM’) of £14 billion as at 31 December 2025. Amber’s core business focuses on managing infrastructure assets across the public, transport, energy, digital and demographic infrastructure sectors internationally. Amber is headquartered in London with offices in Europe, North America, Australia and New Zealand.
Porta Finance acted as an exclusive financial adviser to Bioforce Group, supporting the company in all aspects of the capital raise, including preparation, structuring and execution of a competitive process.
Further information:
Karl-Erik Kodu
Partner, Porta Finance
Tel: +372 602 5015
karlerik.kodu@portafinance.com
Dmitrijs Timofejevs
Partner, Porta Finance
Tel: +371 6733 6731
dmitrijs.timofejevs@portafinance.com
