Two agreements have been struck by the INVL Renewable Energy Fund I to purchase six solar projects in Romania with a combined capacity of 102.7MW.
Commercial operations for the new power plants will begin in 2024, and complete portfolio commissioning is anticipated for the second half of 2025.
Additionally, the solar projects are in an advanced stage of development, with construction permits being given for some of the projects and grid-connection requirements already approved. The development portfolio’s construction is scheduled to begin progressively in the first quarter of 2023.
Additionally, the agreements for all of the solar projects in the fund’s current portfolio have already been authorised.
This will increase the amount of Romanian projects in the fund’s portfolio to 268.7MW. The total amount of money the fund has invested in Romania will now go beyond 200 million euros.
Liudas Liutkevicius, Managing Partner of the INVL Renewable Energy Fund I said “The appeal of the Romanian market is growing rapidly. We continue to witness the sustained growth of interest from foreign investors for the country’s renewable energy sector.”
“The fund’s investments in sustainable energy projects are already at a significant level and we continue to actively seek new acquisition targets in the market. The fund’s solar projects in Romania are nearing the start of construction which subsequently opens up further opportunities for local activity in areas of construction and equipment supply.”
“Growing the fund’s project portfolio also presents a series of attractive opportunities for potential investors to join the fund and deploy available capital for positive environmental impact investment activity and to generate attractive returns.”