BUCHAREST (Romania), September 23 (SeeNews) - INVL Renewable Energy Fund I, run by Lithuania's INVL Asset Management, said on Friday that it has signed two agreements for the acquisition of six solar projects with a total capacity of 102.7 megawatts (MW).
The solar projects are at an advanced stage of development, with grid-connection conditions approved and construction permits for some of the projects already granted, the company said in a press release.
Construction work on the development portfolio is set to start gradually from the first quarter of 2023.
"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," INVL Renewable Energy Fund I managing partner Liudas Liutkevicius said.
"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," he added.
Following the transactions, the fund's portfolio of projects under development in Romania has increased to 268.7 MW, while total investment exceeds 200 million euro ($197.2 million), factoring in existing solar power plant projects that have been in development there since June. The new power plants are expected to commence commercial operations in 2024 whilst commissioning of the full portfolio is expected in the second half of 2025.
The INVL Renewable Energy Fund was established by INVL Asset Management in July 2021. The fund invests in renewable energy projects at the early and mid-stage of development, including construction of new power plants, development and/or acquisition of the infrastructure necessary for the operation of power plants, as well as effective management of existing power plants in the EU and member states of the European Economic Area.
In June, INVL announced it has acquired two local companies which are developing solar power plants with a capacity of 166 MW in Romania, which should become operational in 2024.
Total fund's portfolio including projects in Romania and Poland has reached total capacity of nearly 309 MW. INVL Renewable Energy Fund currently has a particular focus on Central Eastern European countries, where it sees high growth potential.