INVL fund secures loan for 71 MW of solar projects in Romania

INVL Renewable Energy Fund I has secured a EUR 29.3 million loan for the installation of solar power plants with a capacity of 71 MW in Romania.

INVL Renewable Energy Fund I, managed by INVL Asset Management, invests in renewable energy projects.

The new EUR 29.3 million loan agreement has been signed with Kommunalkredit Austria AG, the fund revealed.

It is its second loan to the fund. In November 2023, the bank approved EUR 25 million for the construction of solar power plants in Romania.

Kommunalkredit’s long-term support plays an important role in accelerating the transition to green energy in the region, according to Liudas Liutkevičius, Managing Partner at INVL Renewable Energy Fund I.

INVL Renewable Energy Fund I is focusing on the Polish and Romanian markets

Construction of the facilities of an overall 71 MW in Dolj County is scheduled for completion by the end of September next year, according to the update. It is the fund’s third large-scale solar energy project in Romania.

INVL Renewable Energy Fund I is focusing on the Polish and Romanian markets, having a combined portfolio of projects in development of 389 MW.

In Romania, the fund is planning eight photovoltaic units with a total capacity of 356 MW. Its future solar parks in Poland would have 32 MW overall. All are due to be completed by the end of 2027.

Ponomarenko: The bank is committed to enabling the energy transition in high-growth markets

Investments in Romania and Poland are expected to exceed EUR 250 million altogether, the fund added.

Konstantin Ponomarenko, a Senior Structurer at Kommunalkredit Austria, said the development of solar energy infrastructure in Romania reflects both the fund’s strategic vision and the bank’s commitment to enabling the energy transition in high-growth markets.

The transaction underlines Kommunalkredit’s dedication to delivering bespoke financing solutions that empower sustainable development across Europe, he added.