The INVL Renewable Energy Fund I run by Lithuania’s INVL Asset Management has reached a total size of EUR 52.9 million (USD 55.1m) to invest in renewable energy projects across the European Union, mostly in Poland and Romania.
The renewable energy fund, which was set up in July 2021, has achieved the milestone with the latest fundraising that provided it with EUR 18.3 million, it said on Tuesday.
Currently, INVL Renewable Energy Fund I has a portfolio of development projects with a combined capacity of 475 MW, with the bulk of them located in Romania where it owns eight schemes totalling 442.7 MW and estimates they could require investments of about EUR 350 million. Last month, it agreed to acquire a 174-MW solar project in the Balkan country and is gearing up to initiate construction works in the first quarter of 2023. The entire Romanian bundle is due to be fully operational in the third quarter of 2025.
Meanwhile in Poland, INVL Renewable Energy Fund I is developing more than 32 MW of solar schemes and will move into construction with some of them in the first half of next year.
“Poland and Romania have a need for new electricity generation capacity due to specifics of the production balance in those markets, and their governments are supporting the development of renewable energy,” the fund said.
(EUR 1.0 = USD 1.042)
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