The European Bank for Reconstruction and Development (EBRD), together with Eiffel Investment Group, will provide EUR 24.4 million funding to INVL Renewable Energy Fund I, a fund investing in renewable energy projects, of INVL Asset Management, a leading alternative asset manager in the Baltic States. The proceeds will be used for constructing a 60 megawatts (MW) capacity solar power plant in Romania by INVL Renewable Energy Fund I.
The EBRD and the Paris-based Eiffel Investment Group's Energy Infrastructure Investment Fund are granting the funding in equal shares of EUR 12.2 million each to INVL Renewable Energy Fund I company in Romania.
"We greatly appreciate the trust and recognition shown to us by the EBRD and Eiffel Investment Group. 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 Liutkevicius, Managing Partner at INVL Renewable Energy Fund I.
The 60 MW capacity solar power plant project in Dolj County, Romania, is the second one for the Fund. Construction of solar power plants with 51 MW capacity in Romania is expected to be completed by the end of September this year.
Overall, the fund is investing in 8 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 EUR 330 million. Construction of all the solar parks in those countries should be completed by the end of Q3 2026.
About the INVL Renewable Energy Fund I
The INVL Renewable Energy Fund I was established on 20 July 2021 by INVL Asset Management, the leading alternative asset manager in the Baltic States, as a sub-fund for informed investors. It invests in early- and mid-stage renewable energy projects (solar and wind), including the construction of new power plants, the development and/or acquisition of the infrastructure necessary for the operation of power plants, and effective management of existing power plants in the European Union and member states of the European Economic Area.
INVL Asset Management is part of Invalda INVL, the leading Baltic asset management group.
The person authorised to provide additional information:
Liudas Liutkevicius, Managing Partner of the INVL Renewable Energy Fund I
liudas.liutkevicius@invl.com
