The INVL Renewable Energy Fund I has signed two agreements to acquire six Romanian solar projects with a total capacity of 102.7MW.
The new power plants will start commercial operations in 2024 whilst commissioning of the full portfolio is expected in the second half of 2025.
In addition, the solar projects are at an advanced stage of development, with grid-connection conditions already approved and construction permits for some of the projects granted. Construction work on the development portfolio is set to start gradually from the first quarter of 2023.
In addition, all the solar projects within the fund’s current portfolio have already secured approved grid connection terms.
This will bring the volume of the fund’s portfolio of Romanian projects up to 268.7MW. The fund’s overall investment into Romania will now exceed 200 million euros.
Managing Partner of the INVL Renewable Energy Fund I Liudas Liutkevicius commented: “The appeal of the Romanian market is growing rapidly. We continue to witness the sustained growth of interest from foreign investors for the country’s renewable energy sector.
“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. The fund’s solar projects in Romania are nearing the start of construction which subsequently opens up further opportunities for local activity in areas of construction and equipment supply.
“Growing the fund’s project portfolio also presents a series of attractive opportunities for potential investors to join the fund and deploy available capital for positive environmental impact investment activity and to generate attractive returns.”