Baltic investor INVL has signed an agreement with Kommunalkredit for a €25m loan, which will be used to construct 51MW of solar capacity in Romania.
The Renewable Energy Fund I, which is managed by INVL, and invests in renewable energy projects, is investing in the projects.
Overall, the fund is investing in eight solar sites in Romania with a combined capacity of 451MW.
The total capacity of the INVL Renewable Energy Fund I’s portfolio of renewable energy projects is 483MW.
Besides Romania, in Poland the fund is developing solar farms with over 32MW of capacity.
Investments in the projects in Romania and Poland are expected to exceed €330m.
Construction of all the solar parks in those countries should be completed by the end of 2025.
“We see Romania as a very rapidly emerging European Union (EU) market that is heavily focused on renewable energy projects,” said managing partner of the INVL Renewable Energy Fund I Liudas Liutkevičius.
“We believe the fund’s investments in more renewable electricity production capacity will contribute greatly to reducing emissions and increasing energy security in Romania.”
In securing financing from the Austrian bank, the INVL Renewable Energy Fund I was advised by the German financial advisory firm Capcora and the Romanian law firm Glodeanu & Partners.