Annual Report
Corporate Governance
Corporate Social Responsability
Supplier Code of Conduct
Annual Reports for Creos Luxembourg
Annual Reports for Enovos Luxembourg
At Encevo, we are committed to driving the transition toward a more sustainable, resilient, and low-carbon energy system. Our long-term investments are guided by the ambition to accelerate decarbonisation, enhance energy efficiency, and enable the integration of renewable energy across our value chain. Green finance plays a key role in supporting these ambitions. Since 2018, all of Encevo’ s long term issued debt is green. By aligning our funding activities with our environmental objectives, we ensure that capital is directed toward projects that contribute to climate change mitigation, environmental protection, and the broader goals of a sustainable energy future.
Encevo’s sustainability strategy is integrated into its business model, which focuses on enabling sustainable energy transition through i) renewable energy generation and supply; ii) smart infrastructure management; and iii) technical services and energy solutions. Our approach is grounded in transparency, accountability, and impact. We are committed to providing clear and consistent information about how green financing supports our sustainability goals, and to ensuring that investors and stakeholders have visibility into the environmental value generated.
Through green financial instruments, we actively drive projects that accelerate decarbonisation and environmental sustainability, such as renewable energy, energy efficiency, smart grids, sustainable buildings, and clean mobility. To ensure transparency and credibility, the program framework underwent rigorous review by leading ESG ratings provider Sustainalytics.
The Framework embodies our long-term commitment to financing the energy transition. The program framework follows the ICMA Green Bond Principles and received the highest possible rating (“strong”) in all categories in Sustainalytics’ Second Party Opinion, confirming the strength and reliability of our approach.
The first instrument issued under this framework was a €200 million private placement. It is also the first sustainability-focused private placement for Encevo, enabling sustainable growth of the group. The eight-month process preceding the signing led to a green 10-year fixed-rate placement, securing long-term funding for our sustainable projects. This represents an important milestone in Encevo’s strategy to align capital markets with sustainability goals and further strengthen its role in Europe’s energy transition.
The success of this initiative was also covered by national media:
Paperjam (18.07.2025) and BL Times (18.07.2025)
The Framework demonstrates our long-term commitment to financing the energy transition. Fully aligned with the ICMA Green Bond Principles, the program received a Second Party Opinion from Sustainalytics confirming that all proceeds were dedicated to eligible green categories. Sustainalytics further validated the Schuldschein as a true “Green Schuldschein”, underlining its positive contribution to sustainable development. This is Encevo’s second Green Schuldschein, signed on 8th of December 2021, with pay-out date on 16th of December 2021 (200 MEUR).
The report issued in 2023 covering the period from 2020 until 2021 and the investments done in 2022 for the finalization of Creos headquarters (“report 2021”), confirms that the proceeds were fully and transparently allocated. The SPO issued by Sustainalytics confirms that the proceeds were fully allocated to investments in grid infrastructure, renewable energy projects, and sustainable real estate, including the completion of the Creos headquarters, and were therefore invested exactly as defined in the Framework.
In alignment with Encevo’s strategy and sustainability vision, the company issued in 2018 its first Green Schuldschein of EUR 250 million to finance and refinance projects in the field of either renewable energy, energy transmission, distribution & smart grid, sustainable real estate or clean transportation solutions. All these projects contribute to the group’s overall sustainability strategy related to greenhouse gas emissions reduction, renewable energy and improvements in the efficiency of energy infrastructure.
The issuance was supported by a Second Party Opinion by Sustainalytics which confirmed that Encevo’s 2018 Green Schuldschein’s use of proceeds is fully aligned with the eligible categories as defined in this Framework. The opinion stated that the Schuldschein was a “Green Schuldschein” with positive contribution to sustainable development, aligned with the Green Bond Principles.
Encevo is very proud to have been awarded the mtn-I “Deal of the Year” for issuing the largest Green Schuldschein 2018. The goal of mtn-i awards is to recognise where the MTN (« Mid-Term Note ») market has created most value for issuers, dealers and investors as it keeps adapting and evolving solutions that meet their needs.
The report issued in 2019 covering the period from 2016 until 2019 (“report 2019”) confirms that the proceeds were fully allocated. The SPO issued by Sustainalytics confirms that these proceeds were allocated as defined in the Framework.
Geared towards the future, the Encevo Group has already deployed a number of innovative solutions across its markets. Our efforts toward the energy transition provide bold opportunities to develop dynamic partnerships with innovative and fast-growing companies. With this in mind, our in-house venture investment capabilities are geared at enforcing ties with early stage companies.
Beyond investment, the Corporate Venture Capital team is also an access point for startups who want to partner on project and solutions, thereby supporting Encevo Group’s open innovation approach
Each year, we plan to perform a limited number of direct, hand-picked, equity investments into European ventures during their international expansion stage – usually referred to as a Series A funding round – accelerating their initial market traction.
We focus on targets enforcing strategic connections with the Group’s operations, while investing as co-lead or follow-on investor alongside like-minded international partners – and, last but not least ensuring market-leading return on our portfolio.
Our areas of interest cover our entire value chain, from up to downstream:
The following sub-topics, which are regularly reviewed, include:
– Smart Grid, including for example drone inspection of overhead lines;
– Demand Side Management / Virtual Power Plant;
– Energy efficiency for industrials;
– Battery storage;
– Hydrogen and Power-to-X.
We foster cooperation not only between our business units and our portfolio companies (at the right intersect of maturity) but also across our portfolio companies, when relevant. Such should be considered as a strategic complement to the potential that our portfolio companies will organically develop aside from our input.
Our current portfolio companies are:
Ampacimon has the largest installed base in Dynamic Line Rating for TSO and is expanding its offering in the mid-voltage grid segment.
With Amperecloud you can operate all your power plants in one system, including logging, autopilot and direct marketing. More efficient. Safer. More profitable.
DataThings develops intelligent software systems to transform data into actionable and valuable insights for every business willing to leverage their data.
Ewattch develops packaged and scalable solutions, consisting of an IoT platform and a range of industrial sensors, which meet the operational and energy related management needs of Industry 4.0, SmartBuilding and Smart Grid.
Ezzing Solar is a Spanish technology company that operates in the photovoltaic
energy sector.
R8 Technologies is the leading human-centric Artificial Intelligence (AI) technology company that manages over 3 million m2 of commercial real estate across Europe. R8 Digital Operator allows to reduce building operational expenses, increase in property value, upgrade building energy class, reduce CO2 emissions, and achieve sustainability compliance.
The smart way to charge. Gridio automatically charges your car when electricity is the cheapest and usually the cleanest.”
Totally transparent renewable energy certification, every hour of the day. The digital platform connects companies directly to real wind and solar farms, securing clean energy certificates 24/7. Decarbonise efficiently with Renewabl – the future of sustainability made simple.
The Technoport promotes and supports the creation and development of innovative and technology-oriented companies in Luxembourg. Encevo is a Senior Partner of the Technoport.
Cleantech Scandinavia is the leading promoter of sustainable innovation in the Nordic and Baltic markets.
The Luxembourg Open Innovation Club is an initiative dedicated to the development of business relations between large accounts, intermediate-sized enterprises and innovative startups through open innovation.
Pulse is the largest, independent collective of startups, scaleups and entrepreneurs in Luxembourg.
The Luxembourg Private Equity and Venture Capital Association (LPEA) is the representative body of private equity and venture capital practitioners with a presence in Luxembourg. With 240 members, LPEA plays a leading role locally actively promotes PE and VC in Luxembourg.
We are actively scouting promising solutions within the scope defined above. Feel free to send us an outline of your project (e.g. pitch deck, investment memorandum) together with your contact details using the following email address.
