The Lithuanian INVL Renewable Energy Fund I said that it has signed two agreements on the acquisition of six solar projects in Romania, with combined installed capacity of 102.7 MW.
The statement from the company said that 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.
Managing Partner Liudas Liutkevicius said that Tte appeal of the Romanian market is growing rapidly, with 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 it will continue to seek new acquisition targets in the market.
Following the transactions, the fund’s portfolio of projects under development in Romania has increased to 268.7 MW, while total investment exceeding 200 million euros. The new power plants are expected to start commercial operations in 2024, while the commissioning of the entire portfolio is expected in the second half of 2025.
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.
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.