INVL Renewable Energy Fund I, a prominent renewable energy investment vehicle, has successfully secured a EUR 25 million (USD 27.4m) loan from infrastructure-focused lender Kommunalkredit Austria AG. The funding will play a crucial role in supporting the construction of 51 MW of solar parks in Romania, as announced by Lithuania's INVL Asset Management on Monday.
The financing agreement is set to benefit projects within INVL Renewable Energy Fund I's Romanian portfolio, comprising eight schemes with a combined capacity of 451 MW. Recognizing Romania as a rapidly emerging European Union (EU) market with a strong focus on renewable energy initiatives, Liudas Liutkevicius, managing partner of the INVL Renewable Energy Fund I, expressed optimism about the country's potential.
In addition to the Romanian assets, the fund holds ownership of over 32 MW of solar photovoltaic (PV) projects in Poland. Initiatives are underway for the commencement of construction in both countries, with the overall investment in the portfolio estimated to exceed EUR 330 million. The targeted timeline for operational readiness for all solar parks is by the end of 2025.
This recent development follows INVL Renewable Energy Fund I's successful fundraising efforts in September, where it raised EUR 4.5 million through its maiden public bond sale in Lithuania.