The INVL Renewable Energy Fund I, which is managed by INVL Asset Management and invests in renewable energy projects, signed an agreement with Kommunalkredit Austria AG on a loan of €25 million. The proceeds of the loan will be used to finance the construction of solar power plants with 51 MW capacity in Romania.
“We see Romania as a very rapidly emerging EU market that is heavily focused on renewable energy projects. We believe the fund’s investments in more renewable electricity production capacity will contribute greatly to reducing emissions and increasing energy security in Romania,” said Liudas Liutkevicius, Managing Partner of the 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 €330 million. Construction of all the solar parks in those countries should be completed by the end of 2025.
In securing financing from the Austrian bank, the INVL Renewable Energy Fund I was advised by the German financial advisory firm, Capcora, and the Romanian law firm, Glodeanu & Partners.
For more news and technical articles from the global renewable industry, read the latest issue of Energy Global magazine.
The Autumn 2023 issue of Energy Global hosts an array of technical articles focusing on green hydrogen, wind installation technology, blade monitoring solutions, and more. This issue also features a regional report looking at some key renewables projects in Australia.
Read the article online at: https://www.energyglobal.com/solar/21112023/invl-renewable-energy-fund-i-sign-25-million-loan-agreement-with-kommunalkredit/
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