INVL Renewable Energy Fund 1 has secured a new multi-million-euro loan to finance solar projects in Romania.
The fund, which is managed by INVL Asset Management and invests in renewable energy projects, signed a €29.3m loan agreement with Kommunalkredit Austria.
The proceeds of the loan will be used to finance the construction of solar power plants with 71MW of capacity.
“We value Kommunalkredit’s steady commitment to backing our renewable energy projects in Romania,” said Liudas Liutkevičius, managing partner of the INVL Renewable Energy Fund 1. “Long-term support plays an important role in accelerating the transition to green energy in the region.”
This is the second loan the fund has secured from European infrastructure banking specialist Kommunalkredit. In November 2023, the Vienna-based bank granted the INVL Renewable Energy Fund 1 a €25m loan for the construction of solar power plants in Romania.
“We are pleased to continue our successful partnership with the INVL Renewable Energy Fund 1 through this follow-up financing,” said Konstantin Ponomarenko, senior structurer at Kommunalkredit Austria.
“The development of solar energy infrastructure in Romania reflects both the fund’s strategic vision and our commitment to enabling the energy transition in high-growth markets.
“This transaction underlines Kommunalkredit’s dedication to delivering bespoke financing solutions that empower sustainable development across Europe.”
The 71MW project, located in Dolj County, is the fund’s third large-scale solar energy development in Romania. Construction of the facilities is scheduled for completion by the end of September next year.
The INVL Renewable Energy Fund 1 is focusing on the Polish and Romanian markets, where the fund’s managers see big growth potential. Total capacity of the fund’s portfolio of projects in development in these markets is 389MW.
In Romania, the fund is investing in projects for eight solar plants with a combined capacity of 356MW while in Poland, it is developing solar parks with over 32MW in capacity.
Investments in Romania and Poland are expected to exceed €250m. The fund has invested over €90m in acquisition and construction of the projects as of June 2025.
Construction of all the solar parks should be completed by the end of 2027.
The INVL Renewable Energy Fund 1 is currently seeking to raise up to €15m through an offering of bonds. The debt securities will be publicly offered to private and institutional investors in the Baltic countries from 28 July to 15 August.