Q&A: Stéphanie Bégué at RGREEN INVEST on Green Financing

Shifting the world toward low-carbon alternatives and phasing out fossil fuels represents one of the most massive challenges humanity has ever faced.

Accomplishing this global energy transition demands a monumental amount of capital, making dedicated sustainable investment firms essential to the cause.

However, this movement is driven by more than just altruism; substantial financial returns are being generated across decarbonisation, climate tech, and renewable energy sectors today.

In this exclusive Q&A, we speak with Stéphanie Bégué, Managing Partner at RGREEN INVEST, to discover the mechanics behind financing tomorrow's clean energy landscape.

Can you introduce yourself and your role, and tell us about your career up until now?

I’m Stéphanie Bégué, Managing Partner at RGREEN INVEST.

I joined the firm in 2016 after a career spanning insurance, asset management and investment banking, including positions at Morgan Stanley, Royal Bank of Scotland and Nomura. I am a qualified actuary by training and hold an MBA from the Collège des Ingénieurs in Paris.

Over the years, I have always been interested in how long-term capital can be mobilised to address major economic and societal challenges. At RGREEN INVEST, I have had the opportunity to apply that experience to the energy transition, working alongside investors, entrepreneurs and infrastructure developers across Europe.

Today, my focus is on helping scale investments that support the transition to a more resilient, competitive and sovereign European energy system while delivering attractive returns for our investors.

How would you describe RGREEN INVEST to our readers?

RGREEN is an independent investment manager dedicated to financing the energy transition. We believe private capital has a fundamental role to play in accelerating decarbonisation while strengthening economic competitiveness and energy resilience.

What differentiates RGREEN is our exclusive focus on energy transition infrastructure and our positioning in the European lower mid-market, a segment where financing needs are substantial but often underserved by traditional lenders and larger infrastructure investors.

We invest across the full capital structure through both equity and debt strategies, supporting entrepreneurs, developers and infrastructure operators throughout the lifecycle of their projects. Our expertise covers renewable energy, storage, biomethane, electrification and other strategic infrastructure essential to Europe's future energy system.

Ultimately, our objective is not only to contribute to decarbonisation, but also to help build a more resilient, competitive and sovereign European energy system.

What kinds of investments does RGREEN make and where are they typically located?

We invest where the energy transition solves an economic problem.

In parts of Europe that still rely heavily on fossil fuels and face high electricity costs, we finance infrastructure that can deliver competitive, locally produced green electrons while reducing energy dependence.

In countries that are further advanced in their decarbonisation journey, the challenge is different. Electrification is accelerating across industry, transport, heating and digital infrastructure, creating a growing need for new generation capacity, storage and system flexibility.

That is why we increasingly see renewable generation and battery storage as two sides of the same coin. Virtually all the platforms we develop today integrate storage as a way to improve resilience, optimise energy use and support grid stability.

Geographically, we are particularly active across Europe, including Central and Eastern Europe, where the combination of energy security, industrial competitiveness and decarbonisation is creating some of the most compelling investment opportunities we have seen in years.

Ultimately, our objective is simple: finance the infrastructure that enables Europe to produce more affordable, locally generated clean power while supporting a more competitive and sovereign economy.

Can you tell us about some of the projects and investments that you are most excited about right now?

What excites me most today is the growing role of energy storage across Europe.

Battery storage has become critical infrastructure. As renewable energy penetration increases, power systems require greater flexibility to maintain stability, integrate intermittent renewable generation and ensure affordable electricity prices. Storage is becoming one of the foundations of the future energy system.

I am also particularly excited by the opportunities emerging in Central and Eastern Europe. These countries are accelerating their transition away from imported fossil fuels while experiencing rising demand for affordable and reliable electricity. Renewable energy and storage can play a major role in supporting both economic development and energy security in the region.

Finally, we recently invested in GEOGREEN alongside Pierre Brossollet, Founder and CEO of Arverne. We believe geothermal energy has tremendous potential because it provides local, reliable and low-carbon energy while strengthening both French and European energy sovereignty.

How do energy security and energy sovereignty factor into RGREEN's investments?

Energy security and energy sovereignty have become central themes in the energy transition, particularly in Europe.

At RGREEN INVEST, we see renewable energy, energy storage and electrification infrastructure as strategic assets that strengthen Europe's resilience, competitiveness and independence.

Our investment approach focuses on supporting infrastructure that reduces dependence on imported fossil fuels, increases domestic energy production and contributes to a more secure energy system.

Affordable energy has become a central economic and political issue in Europe. Energy affordability is one of the reasons why we invest in renewable generation, battery storage and other technologies that can help deliver competitive, locally produced energy while increasing system resilience.

For us, the energy transition and energy sovereignty are increasingly aligned. The more Europe invests in clean, locally produced energy, the more resilient and competitive it becomes.

In your experience, how has the conflict in the Middle East (and the subsequent supply chain disruption) impacted the energy transition?

The conflict in the Middle East has highlighted that energy markets and global supply chains are intrinsically interconnected. Any disruption to major shipping routes or geopolitical instability can have an impact on equipment deliveries, raw materials accessibility and project timelines.

These disruptions have reinforced the strategic importance of accelerating the energy transition. Policymakers, investors and businesses increasingly recognise that relying heavily on imported fuels or region-specific supply chains creates vulnerabilities. It’s essential, therefore, to strengthen local markets which can serve local needs. 

From our perspective, we’ve seen a stronger focus on energy independence, domestic renewable generation, storage capacity and resilient infrastructure. This reaction is in line with our investment thesis. Renewable energy is a way to strengthen economic and energy security. 

The transition may experience temporary delays due to supply chain constraints, but the long-term direction of travel has become even clearer. Geopolitical events continue to underline the need for a more diversified, decentralised and resilient energy system.

The conflict in the Middle East has reinforced a trend that was already visible following Russia’s invasion of Ukraine: energy security is now one of the primary drivers of the energy transition.

The disruption of global supply chains and strategic shipping routes has highlighted the vulnerabilities associated with dependence on imported fuels and concentrated supply chains. Any geopolitical instability can affect equipment availability, project timelines and energy markets.

Increasingly, governments are supporting renewable energy not only because it reduces emissions, but because it improves energy independence, reduces exposure to geopolitical shocks and strengthens industrial competitiveness.

From our perspective, we have seen an even stronger focus on domestic renewable generation, storage capacity and resilient infrastructure. This trend is entirely consistent with our investment thesis. Renewable energy is a climate solution, but it is also a way to strengthen economic and energy security.

While supply chain constraints may create temporary challenges, the long-term direction of travel has become even clearer. Geopolitical events continue to underline the need for a more diversified, decentralised and resilient energy system.

What is your hope for Europe's energy transition?

I hope that Europe succeeds in building an energy system that is sustainable, affordable, secure and competitive.

The energy transition should not be viewed purely as a climate policy. It should also be seen as an industrial and economic strategy capable of strengthening competitiveness, attracting investment and reducing strategic dependencies.

Europe's future prosperity will depend on its ability to produce abundant low-carbon energy and deploy it efficiently across industry, transport, buildings and emerging sectors such as data centres and digital infrastructure. Achieving this will require significant investment in renewable energy, storage, grids and electrification

If Europe succeeds, it will emerge with a cleaner, more affordable and more secure energy system, positioning itself as a leading industrial and economic power in the low-carbon economy, with greater energy sovereignty and stronger long-term resilience.