“The funding not only enables us to accelerate the construction of the solar power plants already in progress in Romania, but also to make a significant contribution to the expansion of Romania’s renewable energy generation capacity,” says Liudas Liutkevičius, Managing Partner at INVL Renewable Energy Fund I.
According to the financing agreement, the EBRD and the Paris-based Eiffel Investment Group’s Energy Infrastructure Investment Fund are granting the funding in equal parts of EUR12.2 million each to INVL Renewable Energy Fund I company in Romania.
The 60 MW capacity solar power plant to be built in Dolj County, Romania, is the second project for INVL Renewable Energy Fund I. Overall, the fund is investing in eight projects for solar power plants in Romania with a combined capacity of 451 MW.
The total capacity of the INVL Renewable Energy Fund I’s portfolio of renewable energy projects is 483 MW. Besides Romania, in Poland the fund is developing solar park projects with over 32 MW of capacity. Investments in the projects in Romania and Poland are expected to exceed EUR330 million and the construction of all the solar parks in those countries are due to be completed by the end of the third quarter of 2026.
INVL Renewable Energy Fund I was established in 2021 by INVL Asset Management, a leading alternative asset manager in the Baltic States.