Renewable Energy Fund I has secured debt funding from infrastructure-focused lender Kommunalkredit Austria AG to back the construction of 51 MW of solar parks in Romania.
The agreement will provide INVL with a loan of EUR 25 million (USD 27.4m), the fund run by Lithuania’s INVL Asset Management said on Monday. The projects that will benefit from the financing are part of INVL Renewable Energy Fund I’s Romanian portfolio, which includes eight schemes with a combined capacity of 451 MW.
“We see Romania as a very rapidly emerging European Union (EU) market that is heavily focused on renewable energy projects,” said Liudas Liutkevicius, managing partner of the INVL Renewable Energy Fund I.
In addition to the Romanian assets, INVL Renewable Energy Fund I also owns over 32 MW of solar photovoltaic (PV) projects in Poland. Preparations for the start of construction are getting underway in both countries, with the overall investment in the portfolio estimated at over EUR 330 million. All solar parks should become operational by the end of 2025.
In September, INVL Renewable Energy Fund I raised EUR 4.5 million from its maiden public bond sale in Lithuania, aiming to bankroll the construction of its European solar projects.
(EUR 1.0 = USD 1.095)
