INVL Renewable Energy Fund buying 103-MW Romanian PV project bundle

A renewable energy fund managed by Lithuania’s INVL Asset Management has agreed to acquire a 102.7-MW portfolio of six solar projects in Romania, the construction of which is set to begin from next year.

The INVL Renewable Energy Fund I said on Friday it will purchase the schemes under two agreements, bringing the overall capacity of its Romanian assets under management to 268.7 MW. Financial details about the transactions were kept under wraps.

With the latest deals, the fund’s investment in Romania will surpass EUR 200 million (USD 195.5m), it said.

The six photovoltaic (PV) plants are currently at an advanced stage of development, some with grid-connection and construction permits in place. They are planned to enter construction gradually from the first quarter of 2023, with commercial operations expected in 2024. The entire portfolio will become fully operational in the second half of 2025.

“The appeal of the Romanian market is growing rapidly. The Fund’s investments in sustainable energy projects are already at a significant level and we continue to actively seek new acquisition targets in the market,” said Liudas Liutkevicius, managing partner of the fund.

INVL Renewable Energy Fund invests in early- and mid-stage wind and solar projects and energy infrastructure in the European Union and member states of the European Economic Area. Its total portfolio, including projects in Romania and Poland, currently stands at 309 MW and is planned to reach 400 MW by end-2022.

(EUR 1.0 = USD 0.978)

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