The INVL Renewable Energy Fund I managed by Lithuanian INVL Asset Management has concluded an agreement on the acquisition of a solar power plant project in Romania with a capacity of 174 MW. Latest acquisition will increase total investments in the fund’s projects in Romania to 350 million euros.
The fund is acquiring the 174 MW project before it has secured network-connection capacity, though that is envisaged in the first quarter of 2023, with plans to reach the construction phase in the fourth quarter next year. This acquisition brings the total capacity of the eight solar projects under development in Romania to 442.7 MW. Of those, the projects for nearly 268 MW of capacity already have grid connection conditions with 42.7 MW having building permits.
Managing Partner Liudas Liutkevicius said that the fund entered Romanian market at the start of this year, and the deals it has signed show its determination to become an important player in this market. Considering the portfolio of solar farm projects under development, the fund’s investments in Romania could reach about 350 million euros.
He noted that the first solar projects will reach the construction phase already at the end of this year. It is planned that the construction of the first solar power plant will start in the first quarter of 2023. Construction of all the solar farms should be completed by the end of the third quarter of 2025.
Last month, INVL said that it has signed two agreements on the acquisition of six solar projects in Romania, with combined installed capacity of 102.7 MW. All projects are at the advanced stage of the development, with already obtained network connection licenses, while some of the projects have been granted the construction permit as well. The construction of the acquired portfolio should proceed gradually, starting in the first quarter of 2023. Previously in June, it 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.
The INVL Renewable Energy Fund was established by Lithuanian INVL Asset Management in July 2021, with the aim of investing in renewable energy projects at the early and mid-stage of development.