INVL Renewable Energy Secures €24.4M for 60 MW Solar Plant in Romania

INVL Renewable Energy Fund I, managed by Lithuania's INVL Asset Management, will receive €24.4 million in funding for the construction of a 60 MW solar power plant in Romania. The financing, provided equally by the European Bank for Reconstruction and Development (EBRD) and the Paris-based Eiffel Investment Group, will support the development of the solar facility in Dolj County.

The fund's managing partner, Liudas Liutkevicius, highlighted the importance of this funding, stating, "The financing not only accelerates the construction of solar plants already under development in Romania but also significantly contributes to expanding the renewable energy production capacity in Romania."

The Dolj project is the second initiative by the fund, with the construction of solar plants totaling 51 MW in Romania expected to be completed by the end of September this year. Overall, the fund is investing in eight solar parks in Romania, with a combined total capacity of 451 MW.

The total renewable energy project portfolio of INVL Renewable Energy Fund I amounts to 483 MW. In addition to its projects in Romania, the fund is developing over 32 MW of solar parks in Poland. The investments in Romania and Poland are projected to exceed €330 million, with all solar park constructions slated for completion by the end of Q3 2026.

Founded on July 20, 2021, INVL Renewable Energy Fund I focuses on early and mid-stage renewable energy projects, including the construction of new power plants, development and acquisition of necessary infrastructure, and efficient management of existing plants within the EU and EEA countries.

Source: Economedia