Lithuania's INVL sets up renewable energy fund

The asset management arm of Lithuania’s INVL Group has set up a new fund targeting EUR 60 million (USD 70.7m) in wind and solar assets under management across the European Union (EU), mainly in Poland.

The seven-year fund, established by INVL Asset Management, has a hard cap of EUR 100 million, the parent company said on Tuesday. It will target a net return to investors of 11%.

INVL Renewable Energy Fund I (REFI) will focus on investments in continental wind and utility-scale solar photovoltaic (PV) assets. Commenting on the fund’s main target area, managing partner Liudas Liutkevicius explained that investments in the Polish renewable energy segment are particularly appealing given the high electricity prices in the country.

"We believe that the opportunity to invest in solar and wind power plants and thus not only contribute to solving climate problems, but also earn attractive returns and diversify their investments will be of interest to investors," said Vytautas Plunksnis, head of private equity at INVL Asset Management.

(EUR 1.0 = USD 1.178)

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