Alina Oprea • 14 December, 2023 at 1:40 PM
INVL Renewable Energy Fund I, a company that invests in renewable energy projects managed by INVL Asset Management, announces that it has signed an agreement with Kommunalkredit Austria AG (Kommunalkredit) for a €25 million loan. The loan will be used to finance the construction of solar power plants with a capacity of 51 megawatts (MW) in Romania. In total, INVL Renewable Energy Fund I invests in Romania in eight solar power plant projects, with a total capacity of 451 MW.
"We see the Romanian market as a market with a very fast development in the European Union, with a strong focus on the development of renewable energy projects. We expect that the Fund's investment in the development of electricity production capacity from renewable sources will make a significant contribution to reducing pollution and improving energy security in Romania", says Liudas Liutkevičius, associate manager of INVL Renewable Energy Fund I.
The total portfolio of renewable energy projects developed by INVL Renewable Energy Fund I is 483 MW. Apart from Romania, the Fund is developing solar park projects of over 32 MW in Poland. It is expected that the Fund's total investment in projects in Romania and Poland will amount to more than €330 million, and the construction of all solar parks in these countries should be completed by the end of 2025.
INVL Renewable Energy Fund I was advised by the German financial consulting firm Capcora and the Romanian law firm Glodeanu & Partners in all aspects related to the financing obtained from the Austrian bank.
INVL Asset Management is part of INVL, an investment management and life insurance group from the Baltic States.
INVL companies manage pension funds, investment funds and life insurance lines, individual portfolios, private equity, and other alternative investments. More than 300,000 clients in Lithuania, Latvia, and Estonia, as well as international investors, have entrusted the group's companies with the management of assets worth more than €2 billion.