INVL’s total investments in its Romanian projects are estimated at nearly EUR350 million.
The fund is acquiring the 174 MW project before it has secured grid-connection capacity, though that is envisaged in the first quarter of 2023, with plans to reach the construction phase in the fourth quarter of 2023. This acquisition brings the total capacity of the eight solar park projects under development in Romania to 442.7 MW. Of those, the projects for nearly 268 MW of capacity already have grid connection conditions with 42.7 MW having building permits.
“We entered Romanian market at the start of this year, and the deals we have signed shows our determination to become an important player in this market. We appreciate support of our Romanian partners in building our portfolio. We`re looking forward to the start of construction and the possibility to work with the local communities and authorities in bringing investments into their neighbourhood. Considering the portfolio of solar park projects under development, the fund’s investments in Romania could reach about EUR350 million,” stated Liudas Liutkevičius, Managing Partner of the INVL Renewable Energy Fund I.
Liutkevičius also said the first solar park projects will reach the construction phase already at the end of 2022. The construction of all solar parks is expected to be completed until the end of the third quarter of 2025.
Besides Romania, the fund is also developing solar park projects with 32 MW of capacity in Poland.
The total portfolio of projects under development by INVL Renewable Energy Fund I amounts to 475 MW.