Independent modelling by EY finds Fund’s €1.1 billion portfolio supports more than 10,600 jobs annually and €2.3 billion in cumulative tax revenues through 2035
The Three Seas Initiative Investment Fund S.A. SICAV-RAIF ('3SIIF' or 'the Fund') and Amber Infrastructure Group ('Amber'), the Fund's investment adviser, today published the Fund's inaugural Impact Report - the first document to consolidate 3SIIF's investment activity, the operational profile of its portfolio assets, and the economic and strategic impact generated across the Three Seas region since the Fund's establishment in 2019. The report sets out the portfolio's alignment with the four core objectives of the Three Seas Initiative: reducing infrastructure gaps, lowering infrastructure-related costs, strengthening security and resilience, and supporting regional cooperation.
Established with a commercial mandate to deploy capital into transport, energy and digital infrastructure along the north-south axis of Central and Eastern Europe - addressing longstanding gaps in connectivity relative to Western Europe - 3SIIF has now almost fully deployed its €1.1 billion of committed capital across five investments: Cargounit, Greenergy Data Centers, BMF Port Burgas, Enery and R.Power.
Independent economic modelling prepared by EY indicates that, over the period 2020 to 2035, the Fund’s combined capital expenditure and operational activity is projected to deliver €9.4 billion in cumulative GDP impact across ten EU countries. The portfolio supports an average of more than 10,600 jobs annually and is projected to generate €2.3 billion in cumulative tax revenues over the same period. In total, the Fund has mobilised €7.6 billion in capital - a 2.8x multiplier on its invested base. The portfolio’s operational characteristics include 1,341 MWp of installed energy capacity, 1,032 GWh of electricity generated annually, and 12.5 million kilometres of annual rail freight distance enabled across the region.
The full 2025 Impact Report is available and can be accessed via Amber Infrastructure Group website and the Three Seas Initiative Investment Fund website.
Bartosz Drabikowski, Chairman of the Supervisory Board of 3SIIF, said, "Since the Fund's first investment in November 2020, 3SIIF has built a portfolio that is already delivering tangible results, including support for over 10,000 jobs annually and a cumulative GDP impact of over €9 billion. Looking ahead, we believe the portfolio is well positioned to benefit from the same long-term structural trends that underpinned the Fund's original investment thesis, many of which have strengthened further over the deployment period."
Daniel Watson, Head of Sustainability at Amber Infrastructure Group, added, "The structural trends that shaped 3SIIF's original investment thesis, closing connectivity gaps, strengthening energy security, and building digital capacity across Central and Eastern Europe, have only become more pronounced over the deployment period. Each of the Fund's five investments is positioned at the intersection of those trends, and we believe the portfolio is well placed to continue generating durable economic value for the region over the long term."
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NOTES TO EDITORS
Three Seas Initiative Investment Fund
3SIIF is a dedicated commercial fund targeting infrastructure investments in Central and Eastern Europe. It invests in energy, transport and digital infrastructure in European Union 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 13 EU CEE member states which border the Baltic, Adriatic and Black Seas.
Amber Infrastructure Group
Amber is part of Boyd Watterson Global Asset Management Group LLC (‘Boyd’), 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.£4.5 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 (~$16 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.
Disclaimer
3SIIF is classified as an Article 6 financial product under Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector (SFDR). The Fund does not have sustainable investment as its objective, nor does it promote environmental or social characteristics. As part of its investment process, the Fund considers principal adverse impacts on sustainability factors. Further information is available in the Fund's pre-contractual disclosures.
