The INVL Renewable Energy Fund I, which is managed by INVL Asset Management and invests in renewable energy projects, signed an agreement with Kommunalkredit Austria AG (Kommunalkredit)on a loan of EUR 25 million. The proceeds of the loan will be used to finance the construction of solar power plants with 51 megawatts (MW) capacity in Romania.
“We see Romania as a very rapidly emerging European Union (EU) market that is heavily focused on renewable energy projects. We believe the fund’s investments in more renewable electricity production capacity will contribute greatly to reducing emissions and increasing energy security in Romania,” says Liudas Liutkevičius, Managing Partner of the INVL Renewable Energy Fund I.
Overall, the fund is investing in 8 projects for solar power plants in Romania with a combined capacity of 451 MW.
The total capacity of the INVL Renewable Energy Fund I’s portfolio of renewable energy projects is 483 MW. Besides Romania, in Poland the fund is developing solar park projects with over 32 MW of capacity. Investments in the projects in Romania and Poland are expected to exceed EUR 330 million. Construction of all the solar parks in those countries should be completed by the end of 2025.
In securing financing from the Austrian bank, the INVL Renewable Energy Fund I was advised by the German financial advisory firm Capcora and the Romanian law firm Glodeanu & Partners.
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