Seeking Outstanding Returns Through Investments in Sustainability

What We Do

Postscriptum Ventures is a venture capital group with a broad portfolio of sustainable investments. Established in 2006, Postscriptum invests in innovative technology and disruptive business models, with a particular focus on the ongoing (r)evolution of the energy sector. We prefer to invest in early stage ventures where our expertise and experience can leverage our financial investments to help realize the full growth potential of the business. We invest in the following areas:
Large Scale Renewable Energy
Energy Storage
Distributed / Off-grid Generation
Energy Efficiency
IT & Digitalization
Resource Efficiency and Recycling
Although Postscriptum is an investment group, our goal is to always find opportunities where we can add management value and where our expertise can leverage the financial contributions we make. We help our portfolio companies reach new markets, develop innovative business models and improve product offerings, and are uniquely positioned to deliver outstanding results to our shareholders and create maximum positive impact for all stakeholders, the environment and society at large.

Large Scale Renewable Energy

The unstoppable convergence of socio-economic factors is currently disrupting the largest global industry, which has been unchanged for the last 100 years. The falling cost of large-scale renewable energy generation and an impulse for sustainability are transforming the global energy ecosystem.

Renewable energy installations around the globe surpassed conventional sources for the first time in 2015. Since then global renewable energy installed generation capacity has increased by more than 160 GW per year. Following technological advances, wind and solar are becoming increasingly attractive in terms of costs, and saw significant growth in 2017. Solar PV grew by an impressive 32% in 2017, followed by wind energy which grew by 10%.

Latest data confirms that the energy revolution continues to move forward at a fast pace, with prices falling further and governments setting new and more ambitious renewable energy targets. The industry has matured and is now key to supporting economic growth, job creation, emissions reduction, energy access expansion, air pollution prevention, and energy security provision.

Energy Storage

Investment in new technologies and the cost reduction of batteries is happening on a massive scale.

The key driver here is the ability of energy storage to charge and dischargе electricity —a first for the industry—providing benefits for customers and the grid. 2017 saw storage prices falling and momentum building across all sectors (residental, commercial & industrial and utility). Electrochemical batteries, such as lithium-ion, are fast and accurate, when coupled with control systems. Of course, there are yet many technicalities that have to be resolved and fine-tuned, but a wide range of storage application is currently being tested and developed. Examples include storage for shaving peak demand, stand-alone batteries as grid assets, smoothing out renewables’ intermittency, aggregated mobile storage (electric vehicles), microgrids. This development is opening many new opportunities and creating new business models.

Distributed / Off-grid Generation

Employment of emerging renewable energy and storage technological advances leads to innovative approaches, such as the application of small-scale decentralized and off-grid generation. Distributed generation refers to a variety of technologies that generate electricity in close proximity to where the end consumer of power is located. Distributed generation technologies most often are modular and renewable (wind or solar). When integrated into the utilities’ electricity delivery system, they reduce or eliminate losses along the transmission and distribution lines, increase grid resilience, avoid generation costs and reduce requirements to invest in new utility generation capacity. With proper equipment and calibration, distributed PV systems can also mitigate reliability issues experienced by providing standby capacity during electric utility disturbances or outages.

Energy Efficiency

Energy overconsumption is depleting our natural resources. Therefore, cutting-edge technology and engineering expertise are needed to reduce energy waste in unprecedented ways. By using energy more efficiently, consumers can not only lower their energy bills, but also governments can reduce their reliability on fossil fuel imports. Energy efficiency opportunities exist along all stages of the energy chain, from generation to final consumption. We believe the benefits of energy efficiency (savings) outweigh the costs, especially after a thorough analysis of consumers’ consumption and needs has been implemented. Among the key challenges in this field is to achieve decoupling of increased economic growth and the corresponding increase in energy demand.

IT & Digitalization

Technology and innovation remain endemic to the development and further advancement of various solutions that will secure sustainable development. Frontier technologies hold the promise to establish sustainable patterns of growth that will not only protect against, but also reverse already caused environmental degradation. The digital revolution, in combination with various technologies open up exciting new opportunities, and serve as enablers and multipliers in moving the clean revolution forward.

Resource Efficiency and Recycling

Producing goods using secondary or recycled inputs holds the potential for drastically reducing production costs and carbon emissions. That is because using recycled materials is way less energy intensive than manufacturing goods from primary inputs. Even though it cannot meet industry's entire demand for raw materials, recycling has a great potential to improve overall resource efficiency. The ability of the economy to adapt and become more climate change resilient, resource efficient and at the same time remain competitive depends on high levels of eco-innovation, of a societal, economic, organisational and technological nature.

Who We Are

The company is managed by a cohesive team comprised of experienced individuals who have worked together for more than a decade and who individually have deep knowledge and decades of experience in the energy space. We take pride in our team’s dedication, substantial financial and analytical experience, as well as in their shared belief in the merits of our sustainability mission. By maintaining a dynamic culture that inspires curiosity, we encourage them and we enable them actively to contribute to our portfolio’s success.
Mark Crandall Chairman & Founder
Dimitar Enchev Managing Partner
Evgeny Angelov Partner
Alex Hewitt Partner
Fabrizio Cagnasso Partner
Tijana Gajic Head of Finance and Administration
Veselin Iliev Senior Financial Analyst
Ivan Lozanov Associate
Bogomila Traykova Business Analyst
Momchil Arnautski Financial Analyst
Veronika Stoyanova Financial Controller
Jelena Matejic Project Assistant
Maria Hadzhikireva Executive Assistant

Mark Crandall

Chairman & Founder

  • Global business leader and entrepreneur
  • Co-founder of Morgan Stanley’s commodity trading business
  • Head of Glencore’s oil trading operations
  • Co-founder of Trafigura > €100bn revenue
  • Founder and Board Member of CWP Renewables – leading developer of renewable energy projects in Europe & Australia

Dimitar Enchev

Managing Partner

  • Extensive experience in renewable energy, venture capital and private equity
  • In-depth knowledge of the renewable energy sector - wind, solar, biomass, storage and distributed generation
  • Board Member of CWP Renewables and Grassroots Renewable Energy Trust (a $2bln wind, solar, and storage generation platform in Australia)
  • Involved in the development and financing of 1.2GW of capacity/over €2bn of investment, including Europe’s largest wind farm
  • Swarthmore College (USA) and LSE

Evgeny Angelov


  • 20 years in private and public leadership positions
  • Economic advisor to the President of Bulgaria
  • Deputy minister of Economy and Energy
  • Chairman of the Board of BEH/ NEC >€4bn assets
  • Led €250m energy efficiency program – EBRD partnership
  • Chairman of IB €350 FoF – EIF partnership
  • Banker at EBRD >€150m equity & debt deals across CEE
  • Chairman of Bulgarian Venture Capital Association
  • MBA Harvard Business School

Alex Hewitt


  • 25-year career in project development across 5 continents with 12 years in renewable energy
  • Delivered ≈1GW of renewable energy projects
  • Head of CEE at International Water (Bechtel/UU) — acquired and built a portfolio of 2.5m customers
  • Co-founder / Board Member of CWP Renewables
  • Built CWP Renewables into the most successful energy developer in Australia in recent years - $1bn of projects developed and financed in last 3.5 years

Fabrizio Cagnasso


    Fabrizio is a tax and corporate adviser based in the Principality of Monaco with fifteen years of experience in company management, sitting as a director on the boards of international companies active in diverse industries. He has managed his own firm since 1992 and was a founding partner of CWP where he is now responsible for managing financial aspects of the business and for dealing with tax, legal and compliance issues.

Tijana Gajic

Head of Finance and Administration

  • Currently in charge of financial and management reporting and tax structuring for Postscriptum and its subsidiaries.
  • 9+ years of experience in areas of financial controlling, management reporting, financial analysis, accounting, audit and tax structuring.
  • Former audit team leader/member at PwC
  • Former Financial Controller at Continental Wind Partners LLC
  • Executive Director at PEXIM Foundation (in cooperation with Cambridge University Trust, Government of Serbia, Government of Macedonia)
  • University of Cambridge (UK), University of Vienna (Austria), University of Belgrade (Serbia)
  • ACCA candidate

Veselin Iliev

Senior Financial Analyst

  • Experience in renewable energy, venture capital, private equity and M&A
  • Strong knowledge of the renewable energy sector - wind, solar, biomass, storage and distributed generation
  • Involved in the development and financing of the Sapphire Renewable Energy Hub (more than 550MW)
  • Part of the due diligence team advising Luxaviation Group in becoming world’s second largest corporate aircraft operator
  • Worcester Polytechnic Institute (USA), Cass Business School (London)

Ivan Lozanov


  • Experience in renewable energy, business development and private equity
  • Expertise in distributed energy projects, public and private tenders
  • Focus on organic growth and sustainable business practices in portfolio companies
  • University of Kent (UK), Musashi University (Japan)

Bogomila Traykova

Business Analyst

  • Experience in sustainability consulting
  • Experience in international business development (with focus on solar energy projects)
  • 6+ years of entrepreneurial experience and start-up development
  • BSc in International Business Administration, Economics and Social Sciences from Vienna University of Economics and Business, Master in Green Management, Energy and Corporate Social Responsibility from Bocconi University (Milan)
  • Member of oikos Switzerland

Momchil Arnautski

Financial Analyst

  • Experience in the renewable energy sector
  • Hedge fund equity trading experience encompassing various industries, top-down, bottom-up, quantitative and fundamental research, along with algorithmic trading strategy development 
  • Experience in assurance engagements, including analytical and due diligence procedures 
  • Bocconi University (Italy), Rotterdam School of Management (Netherlands)

Veronika Stoyanova

Financial Controller

  • Four years of experience in areas of financial controlling, management reporting, financial analysis, accounting, audit and tax structuring.
  • Currently assisting the Head of Finance and Administration of PostScriptum.
  • Former audit team leader/member at KPMG Bulgaria, in charge of audit of companies in Consumer & Retail, Real Estate & Construction and Healthcare.
  • Former Management Accountant at Bulgarian Helsinki Committee, an independent non-governmental organization for the protection of human rights.
  • School of Management, University of Bath; Faculty of Finance and Accounting, UNWE
  • ACCA candidate

Jelena Matejic

Project Assistant

  • 3 years of experience supporting top management.
  • Previous experience as customer relationship manager, team manager, and content creator for marketing campaigns.
  • Highly skilled at leadership enhancement, effective time management, communication of leadership intent, effective conflict resolution, information management to enable leadership decision-making.
  • Master degree in Literature at Belgrade University, Serbia.

Maria Hadzhikireva

Executive Assistant

  • 4+ years of experience in Executive Leadership Support
  • Administrative procedures management
  • Member of the Global PA Association & Training Academy
  • Experience in team building and motivational events organization 
  • Master Degree in Public Relations at Sofia University


Freedom Energy
IPS International
Software Group
Countryside Renewables
Silverline Recycling


Renewable Energy


Development and financing of largest onshore wind farm in Europe.

Development of Grassroots Renewable Energy Trust - a large-scale wind, solar, and storage generation platform in Australia with 1.3+GW in development


Australia and Europe

CWP is a long-established renewable energy developer, owner and asset manager. The company has over two decades of renewable energy development experience in Australia and offices in New South Wales (NSW), Queensland, South Australia and the Australian Capital Territory, with key development activities coordinated from the NSW base in Newcastle.

In Europe, CWP successfully developed and financed the 600MW Fantanele project – the largest onshore wind farm in Europe. Within Australia CWP has 517 megawatts (MW) of greenfield projects that have been developed, financed and have entered into construction/operation since 2013. This includes the award-winning 113MW Boco Rock wind farm development south of Cooma, NSW, the 270MW Sapphire Wind Farm, the largest in size and capacity in NSW, and the recently financed 134MW Crudine Ridge Wind Farm south of Mudgee, NSW.


Off-grid Electrification


Unlocking the economic potential of previously underdeveloped markets



Freedom Energy develops, finances, and builds off-grid power projects. By intelligently combining solar with battery storage, the company provides reliable baseload power in a range of off-grid situations. Utilizing the best available technology, an innovative development approach and creative financial structures, Freedom Energy delivers affordable, clean power in non-electrified locations around the globe.

With its unique development platform, the company has streamlined process by utilizing the best, most flexible and easy to deploy technology available on the market and by leveraging our experience in the development and financing of renewable energy projects. The result is a uniquely efficient process which removes unnecessary design and installation costs, and allows the most competitive, quick and consistent overall solution.

They specialize in the development of hybrid systems but in some cases, depending on the project, location, and counterparty, Freedom Energy can offer an Energy-as-a-Service model where the project's CAPEX is fully financed. This approach provides a hassle-free, no-capital-required way to receive clean power and to start realizing savings immediately.


Energy Efficiency, Renewable Energy


90+ companies have saved 300 GWh of energy and 30,000 t/y of CO2 emissions


Central and Eastern Europe

Resalta was founded in 2011 with the aim of becoming the leading provider of energy services in the CEE region. Within six years it has registered incredible growth, gained a wealth of experience and helped countless companies and public institutions lower their energy costs, improve their energy efficiency and reduce their carbon footprints.

The company strives to deliver to all clients innovative, technologically advanced and reliable solutions in the field of energy services, that strongly improve their business competitiveness, energy efficiency and environmental footprint.


Power Electronics


Intersolar 2014 world innovation award for off-grid power system with electrical energy storage

Certified with the NATO military standard for quality AQAP 2110


Operating in 58 countries, on 7 continents. First EXERON in Antarctica.

IPS (International Power Supply) was established in 1989 and specializes in the R&D and precision manufacturing of power electronics and energy conversion technologies.

Over the past three decades, IPS has delivered world leading products and currently has a portfolio of 33 different product lines including hybrid and off-grid power systems, rectifiers, inverters, frequency converters, turnkey outdoor power systems.

IPS offers high-specification products and integrated solutions for customers in the following sectors: renewable energy, telecommunications, utilities, and defense.

In 2014 IPS won the Intersolar innovation award for off-grid power systems with its EXERON, an all-in-one modular power conversion system developed by IPS initially for military applications. The system can combine effectively the power from different energy sources like sun, wind, diesel generator and grid. The energy surplus is stored in battery for further reuse.




450+ projects delivered

40+ specialized delivery channels solutions



Software Group is a leading IT company focused on end-to-end solutions for the financial sector. The company serves a worldwide client base from six main offices located in Bulgaria, Kenya, Ghana, Philippines, Mexico and Australia. All offices employ an experienced team of professionals, with an outstanding track record of handling complex financial development projects. Software Group prides itself on delivering products and services which adhere to the principles of quality, transparency and affordability.

Software Group provides solutions to a range of players in the financial sector but focuses particularly on working with microfinance institutions (MFIs), savings cooperatives, credit unions, small and medium sized banks, supermarket chains and investment / donor organizations.


Renewable Energy


Founders have financed over EUR 2 billion of onshore wind, offshore wind and solar energy projects across Europe.


United Kingdom

Countryside Renewables is in the business of development, acquisition and finance of solar photovoltaic projects in the UK. The company has a large portfolio of projects under development.


Recycling of Waste Materials


Development of the largest slag recycling project in the CEE region


Central and Eastern Europe

Silverline Recycling LLC is a privately owned company focused on the recycling of ferrous and non-ferrous waste materials from the mining and steel production industries. The company specializes in utilizing valuable products from waste, thus recovering precious resources that otherwise end up in landfills and alleviating environmental problems.

Silverline’s management combines experience in mining and recycling with a commodities trading background, thereby ensuring that maximum value can be extracted from each project.

Silverline is actively pursuing several projects in the Central and Eastern Europe region, where poor technology and low environmental standards during the communist era have left opportunities for the profitable utilization of waste materials.


Qualitative Insights




QualSights is an end-to-end qualitative insights platform that provides brands, agencies and consulting firms a dramatically faster and more affordable way to generate deeper insights at global scale. Clients use QualSights to remotely observe and interact with customers as they shop for, use or consume products in their natural environment; conduct video interviews or focus groups; and enhance in-person fieldwork. QualSights’ software allows customers or field staff from anywhere in the world to broadcast their perspective LIVE from smartphones, smart glasses or 360° cameras in reliable HD video while completely mobile indoors and outdoors, or via A/V equipment at a facility. Clients can observe on any device and probe/interact in real-time to better understand customers. QualSights makes qualitative research scalable by providing the ability to remotely capture insights in real-time combined with powerful AI that makes it fast and easy to find and present the insights that matter most.

News & Updates

Software Group signs an 18 million euro loan facility with European Investment Bank

The European Investment Bank signed an 18 million euro loan facility with Software Group, supported by the Junker Plan – this is EIB’s first venture debt transaction in Bulgaria! See more...

Resalta's energy retrofit for the City of Ljubljana project receives European Energy Service Award

Resalta is the recipient of this year’s Best Energy Service Project, together with Petrol and the City of Ljubljana. The energy retrofit project of the City of Ljubljana, the most ambitious such project in Southeast Europe, has successfully reduced energy consumption and CO2 emissions on 48 buildings within the municipality, thereby saving 8,000 MWh of energy each year. 3,000 tons of CO2 emissions are cut back each year thanks to the implemented solutions within the energy retrofit, which is the equivalent of planting an additional 175,000 trees. See more...

Sydney Airport signs deal to purchase power from CWP's Crudine Ridge wind farm

Sydney Airport joins the renewable energy revolution! Proud to announce the deal with our portfolio company CWP to cover their energy demand with low-cost renewable electricity from the Crudine Ridge wind farm. See more...

CWP brings in Partners Group for 1,300MW of wind, solar and batteries

CWP enters into a strategic partnership with Partners Group, one of the largest infrastructure funds in the world with close to $100 billion of assets. See more...

Software Group clinches deal with a Zimbabwean Bank

Software Group has secured a deal to digitize the operations of Metbank, one of the pioneers of digital banking in Zimbabwe. The solutions will also allow the bank to increase its footprint in areas where it does not have branches, as well as make services easily accessible to its customers. See more...

Resalta completes energy efficiency project for Mercator in Novi Sad

Our portfolio company Resalta provided a turn-key energy efficiency solution for one of the leading retailers in Serbia, Mercator, that resulted in 22% of financial savings on heat energy. See more...

Software Group signs an 18 million euro loan facility with European Investment Bank

Software Group, a global technology company that helps financial service providers digitize their business and successfully go through the process of digital transformation, signs a loan deal with the European Investment Bank (EIB) to receive EUR 18 million funding. The loan to Software Group is EIB’s first transaction with venture debt features in Bulgaria. The operation provides direct support to the company and is backed by a guarantee from the European Fund for Strategic Investments (EFSI), a key component of the Investment Plan for Europe. EIB financing will facilitate the execution of Software Group’s R&D strategy and strengthen its global reach. The funds will be invested in two main areas - primary in R&D and innovations, but also in Business Development and Marketing. In the next three years, Software Group will focus on developing new technologies, platforms and products in the fields of insurance, factoring and the Internet of Things (IoT). The company also plans to invest in strategic partnerships with other technology vendors and consultancy organizations. „We are proud to be the first company in Bulgaria that successfully completed the procedure for receiving a venture debt by EIB. The funding will support our ambitious business goals and our development plan for the next three years. We will invest in innovations, attracting top talents, entering new business areas while continuing the steady growth of the company”, commented Kalin Radev, CEO of Software Group. „This highly innovative project, backed by a guarantee from the Investment Plan for Europe, will support the growth of the Software Group and generate new jobs with high value. We have now improved the geographical spread of our projects enjoying an EU budget guarantee, and I’m happy that Bulgaria is one of important beneficiaries,” noted Vazil Hudák, EIB Vice-President.

Resalta's energy retrofit for the City of Ljubljana project receives European Energy Service Award

The European Energy Service Award (EESA) honours companies and projects for outstanding efforts and achievements in energy services. It is awarded by the European Commission and the Berliner Energieagentur (BEA), and was given out on February 20th at a ceremony in Brussels, as part of the Covenant of Mayors Investment Forum. The Forum, organized in partnership with the European Commission, is the world's largest movement for local climate and energy actions, gathering 7,000+ local and regional authorities across 57 countries to work to stop climate change. Ljubljana’s recognition first as European Green Capital and now for the success of the ambitious energy retrofit project, means that it will serve as an example and a leader in energy efficiency not only in Southeast Europe but further abroad. It is truly rewarding for Resalta to have been involved in the hard work required for this project and to see it recognized and acknowledged at the European level. The amazing results that were achieved, on a scale that is seldom seen in the region or even further abroad, are proof that energy efficiency is a significant and powerful tool that should not be overlooked on the road to sustainable development and reaching 2020 goals. The City of Ljubljana has, following the success of the first project, launched a second one for the retrofit of an additional 11 municipal buildings, once again with the consortium Resalta and Petrol, joined this time by Javna Razsvetljava for lighting solutions. Learn more about the second energy retrofit here.

Sydney Airport signs deal to purchase power from CWP's Crudine Ridge wind farm

Sydney Airport has signed a Memorandum of Understanding (MoU) with Grassroots Renewable Energy to purchase power from the 135MW Crudine Ridge wind farm located 45km south of Mudgee in New South Wales.

The power purchase agreement (PPA) is part of the airport’s renewables transition plan and its effort to reduce its carbon footprint by 50% by 2025.

Sydney Airport will receive up to 75% of its current electricity from the wind project under the MoU, which combines renewables with firming generation.

The airport will be supplied with wind power from the Crudine Ridge Wind Farm contracted through Origin, which will provide baseload firming generation when the wind is not blowing enough to meet the airport’s load.

CWP brings in Partners Group for 1,300MW of wind, solar and batteries

CWP Renewables has joined forces with global private markets investment manager Partners Group to build a total of 1,300MW of wind, solar and battery projects that they say will beat coal power on price and reliability.

The commitment from Partners Group will see the 135MW Crudine Ridge project south of Mudgee begin construction soon, but Partners will inject a total of $700 million to ensure CWP’s entire 1,300MW portfolio of wind, solar and batteries goes ahead.

The investment is designed, and timed, to take advantage of the closure of Liddell, and is built on expectations that closures of other coal-fired generators will follow.

“We can, from this large portfolio, produce 24/7 baseload renewable power at very competitive prices,” CWP chief executive Alex Hewitt says. “This is the future of large-scale generation in Australia.”

These projects – dubbed the Grassroots Renewable Energy Platform – include the 230MW Sapphire solar farm and 70MWh battery storage, which will combine with the 270MW Sapphire wind farm near Glenn Innes (pictured above) that is nearly complete.

Software Group clinches deal with a Zimbabwean Bank

Software Group a global software company with African headquarters in Kenya, has secured a deal to digitize the operations of Metbank, one of the pioneers of digital banking in Zimbabwe.

The Software Company that is a leading provider of alternative delivery channel solutions to financial services industry with other African offices in Ghana and Nigeria will help Metbank enrich its digital offerings as it expands its reach.

Metbank will be relying on Agency, Internet and Mobile Banking solutions by Software Group to provide digital onboarding to its customers and capture biometric data as part of the process.

The solutions will also allow the bank to increase its footprint in areas where it does not have branches, as well as make services easily accessible to its customers.

Agents will be able to process balance enquiries, mini statements printouts, cash deposit and cash withdrawals. The internet and mobile banking solutions will serve both the individual and corporate customers of Metbank.

Resalta completes energy efficiency project for Mercator in Novi Sad

One of the leading retail chains in the Novi Sad region, Mercator, like any other consumer of energy, was looking for ways to lower costs and become more efficient and environmentally-friendly. Its Serbian branch turned to Resalta for long-term solutions.

The first of four projects that Resalta will carry out for Mercator in Serbia was implemented in its Roda shopping center in Novi Sad. Previously reliant on a nearby factory for its heat supply, the shopping center is now energy independent.

After a thorough energy audit, Resalta established that the most appropriate solution for this facility would be the installation of two natural gas boilers of 1,600 kW and 1,300 kW respectively, which would ensure constant and stable heat supply as needed. Natural gas is an ecological fuel source that is also cost friendly, and the switch will result in 22% of financial savings on heat energy each year for Mercator. In addition, the new heating system will reduce CO2 emissions by 232 tons each year.

The works were undertaken with no interruption of operations for the client and fully completed in January 2018. Resalta financed the entire project, and will recover its investment from the client’s savings over a contractual period of 5 years. Resalta’s turnkey solutions mean that the entire project was undertaken by Resalta’s team from the energy audit to the finalization, and that Resalta will now take care of operations and maintenance for the duration of the contract. The client had no CAPEX expenditure and is free of risk for the duration of the contract, benefiting immediately from a significant part of the cost savings achieved.

Contact Us

48, Boulevard Grande-Duchesse Charlotte, L-1330, Luxembourg