INVL-run fund grows Romanian portfolio with 174-MW solar purchase

A renewable energy fund run by Lithuania’s INVL Asset Management has struck a deal to acquire a 174-MW solar project in Romania, expecting to enter construction towards the end of next year.

The asset manager said on Monday that INVL Renewable Energy Fund I’s purchase will boost the fund’s total investments in the Romanian market to roughly EUR 350 million (USD 339.7m).

The latest acquisition concerns a photovoltaic (PV) project at an unspecified location, which is anticipated to receive a grid-connection permit in the first quarter of 2023 and enter construction in the closing quarter of the same year.

The purchase will expand INVL Renewable Energy Fund I's capacity under development in Romania to 442.7 MW. The total includes eight solar projects, of which 268 MW have grid connection conditions and 42.7 MW with building approvals. The fund expects building works for the whole bundle to be completed by end-2025.

“We entered the Romanian market at the start of this year, and the deals we have signed shows our determination to become an important player in this market,” said Liudas Liutkevicius, managing partner of the INVL Renewable Energy Fund I.

Last month, the INVL-managed fund agreed to acquire a 102.7-MW portfolio of six solar projects in Romania. The fund's global portfolio currently stands at 475 MW.

(EUR 1.0 = USD 0.971)

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