RIVE Private Investment invests in REBI, the Spanish leader in renewable heat solutions, addressing a key missing link in Europe’s energy transition

Paris, June 30, 2026 – RIVE Private Investment announces its investment in Recursos de la Biomasa (REBI), the Spanish leader in the development, construction and operation of renewable heat solutions. This transaction is the fifth investment of the RIVE Infrastructure Impact Fund (RIIF) and will support REBI’s growth journey towards becoming an integrated Independent Heat Producer, accelerating the development and construction of its project pipeline.

REBI was founded in 2007 by the founders of Amatex Group, a Spanish pellet manufacturer established in 1997, who progressively expanded the business into biomass-based district heating networks. With nearly 20 years of execution, REBI is today the leading operator of renewable urban district heating in Spain (six networks in operation) and addresses the full spectrum of industrial heat demand through a technology-agnostic approach combining biomass boilers, heat recovery, heat pumps, hybrid solar and thermal storage. In particular, REBI already supplies decarbonized steam to meat processing group Incarlopsa, recovers waste heat from an automotive electronics facility operated by Ficosa to supply an urban network in Soria and is building a highly efficient PV + heat pump solution for Michelin in Aranda de Duero.

Today, heat decarbonization remains the missing link in the European energy transition with most efforts to-date focused on power decarbonization. Heat consumption accounts for around one third of total EU CO2 emissions as it remains largely dependent on fossil fuels. Replacing fossil fuel in heat generation with local renewable resources has also become a cornerstone of the EU’s strategy to strengthen energy sovereignty, particularly in the context of repeated global geopolitical shocks and fossil fuel price volatility. Policy support has increased accordingly, as recently illustrated by the €1 billion heat subsidy auction launched by the EU Industrial Decarbonization Bank in October 2025.

With this fifth investment, RIVE extends its presence across the European energy transition value chain, entering the renewable heat segment. RIIF aims to support European SMEs involved in the energy transition in becoming integrated industrial leaders. Concretely, RIVE will support REBI in expanding its infrastructure asset base, accelerating the deployment of its project pipeline, and completing its transition into a vertically integrated Independent Heat Producer. RIVE and REBI have also agreed on a joint plan to further strengthen REBI’s ESG practices.

Pierre du Passage, Partner, Energy Transition, at RIVE Private Investment , said:

«This investment illustrates RIVE’s vision of a broad-based energy transition driven by a multi- technology approach and essential to Europe’s energy security. With REBI, we are addressing a key missing link in European decarbonization alongside a Spanish leader with nearly 20 years of execution and a versatile renewable heat offering. This transaction is fully aligned with the strategy of RIVE Infrastructure Impact Fund, which seeks to make equity investments in SMEs involved in the energy transition to accelerate the deployment of decarbonized energy infrastructures.»

Alberto Gómez, CEO of REBI, said:

«This transaction reinforces REBI’s commitment to maintaining its leadership in the heat decarbonization market. Having RIVE as a new strategic partner will strengthen the company not only financially, but also organizationally, enabling REBI to execute its portfolio of industrial decarbonization projects, representing more than 1 TWh of renewable heat supply across key industrial sectors. By combining REBI’s technical expertise and operational capabilities with RIVE’s financing experience and strong commitment to the company, we aim to help address one of the key challenges facing our society: replacing imported fossil fuels with local renewable energy sources for thermal applications.»

Transaction team:

Pierre du Passage (Partner), Benjamin Delion (Investment Director), Elisa Laurent (Investment Manager)

Advisors:

Buy-side – Alantra
Sell side – PwC;

About RIVE Private Investment

RIVE Private Investment is an independent European investment firm specializing in key assets in the transport and energy transition sectors. Since its foundation in 2013, RIVE has grown to manage over €1 billion and has completed more than 100 transactions.
Through its Energy Transition division, RIVE invests across the entire energy value chain, including renewable energy, green gas, sustainable thermal energy, energy efficiency, energy storage and mobility infrastructure. RIVE’s positioning reflects a firm commitment to mitigating climate change and creating a positive impact on local communities. RIVE’s Energy Transition division is supported by the European Union under the InvestEU program.

For more information: www.rive-investment.com

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