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Nov 22, 2022 13:41 EEST
November 22 (SeeNews) - INVL Renewable Energy Fund I, run by Lithuania's INVL Asset Management, said on Tuesday that it raised a further 18.3 million euro ($18.8 million) from investors, which it plans to use mainly for new projects in Romania and Poland.
The funding will be used to develop renewable energy facilities in the European Union, currently focusing on the Romanian and Polish markets where the fund’s managers see big growth potential, the company said in a press release.
You can download the 2023 Renewable energy in Romania report here
The fund raised a total 52.9 million euro during the financing round started in September.
Poland and Romania have a need for new electricity generation capacity due to specifics of the production balance in those markets, and their governments are supporting the development of renewable energy, INVL added.
The fund now has a portfolio of projects in development with total capacity of 475 MW.
In October this year, the fund signed an agreement to acquire a 174 MW capacity solar farm project in Romania. The acquisition brought the number of solar farm projects under development by the fund in Romania to eight with a total capacity of 442.7 MW.
Initial construction work on the solar farms is set to start late in the first quarter of 2023 and construction of all of them should be complete by the end of the third quarter of 2025.
The fund’s total investments in renewable energy projects Romania could reach about 350 million euro, as already announced in October.
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.
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