INVL Renewable Energy Fund gets EUR 24.4 million to build solar power plant in Romania

INVL Renewable Energy Fund I, INVL Asset Management's fund investing in renewable energy projects, will receive EUR 24.4 million in funding from the European Bank for Reconstruction and Development (EBRD) and Eiffel Investment Group to build a 60 MW solar power plant in Romania.

The EBRD and the Paris-based Eiffel Investment Group's Energy Infrastructure Investment Fund are granting the funding in equal shares of EUR 12.2 million.

The 60 MW capacity solar power plant project in Dolj county is the second one for the fund. The construction of solar power plants with 51 MW capacity in Romania is expected to be completed by the end of September this year. Overall, the fund is investing in eight 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, the fund is developing solar park projects with over 32 MW of capacity in Poland.

Investments in the projects in Romania and Poland are expected to exceed EUR 330 million. The construction of all the solar parks in those countries should be completed by the end of Q3 2026.

"We greatly appreciate the trust and recognition shown to us by the EBRD and Eiffel Investment Group. The funding not only enables us to accelerate the construction of the solar power plants already in progress in Romania but also to make a significant contribution to the expansion of Romania's renewable energy generation capacity," Liudas Liutkevičius, managing partner at INVL Renewable Energy Fund I, said.

The INVL Renewable Energy Fund I was established in 2021 by INVL Asset Management, an alternative asset manager in the Baltic States, as a sub-fund for informed investors. It invests in early- and mid-stage renewable energy projects (solar and wind), including the construction of new power plants, the development and/or acquisition of the infrastructure necessary for the operation of power plants, and effective management of existing power plants in the European Union and member states of the European Economic Area. INVL Asset Management is part of InvaldaINVL, the Baltic asset management group.

(Photo: the company)