INVL Renewable Energy Fund 1 has secured a €29.3 million loan from Kommunalkredit Austria to support the construction of solar power projects in Romania, the fund’s manager said on Tuesday.
The loan will finance the development of solar power plants with a total capacity of 71 megawatts (MW) in Dolj County, southwestern Romania. Construction is scheduled to be completed by the end of September 2026.
“We value Kommunalkredit’s steady commitment to backing our renewable energy projects in Romania,” said Liudas Liutkevičius, managing partner of the INVL Renewable Energy Fund 1. “Long-term support plays an important role in accelerating the transition to green energy in the region.”
The latest financing marks the second agreement between the Vilnius-based fund and the Austrian infrastructure bank. In November 2023, Kommunalkredit Austria extended a €25 million loan for similar solar developments in the country.
“We are pleased to continue our successful partnership with the INVL Renewable Energy Fund 1 through this follow-up financing,” said Konstantin Ponomarenko, senior structurer at Kommunalkredit Austria. “This transaction underlines Kommunalkredit’s dedication to delivering bespoke financing solutions that empower sustainable development across Europe.”
INVL Renewable Energy Fund 1, managed by INVL Asset Management, is focusing its investments on Romania and Poland, markets it considers to have strong renewable growth potential. The fund’s portfolio under development in these countries totals 389MW of solar capacity.
In Romania, the fund is currently advancing eight solar projects with a combined capacity of 356MW. In Poland, it is developing over 32MW of solar power. The total investment across both countries is expected to exceed €250 million, with over €90 million already committed as of June 2025.
The fund is also seeking to raise up to €15 million through a public bond offering aimed at private and institutional investors in the Baltic states. The offering will run from July 28 to August 15.
Completion of all projects is targeted by the end of 2027.
