The INVL Renewable Energy Fund I, run by Lithuania’s INVL Asset Management, has received €24.4 million ($26.7 million) for the construction of a 60 MW solar farm in Romania, to be located in Dolj County in the south of the country.
The investment comes from The European Bank for Reconstruction and Development and Paris-based Eiffel Investment Group, which have each granted €12.2 million.
“The funding not only enables us to accelerate the construction of the solar power plants already in progress in Romania, but also to make a significant contribution to the expansion of Romania's renewable energy generation capacity,” said Liudas Liutkevičius, managing partner, INVL Renewable Energy Fund I.
Last year, INVL Renewable Energy Fund I secured €25 million for new solar plants in Romania with a cumulative capacity of 51 MW. Construction of these facilities is expected by the end of September this year.
The fund, which was established in 2021, is now investing in eight Romanian solar projects with a total capacity of 451 MW. It also has presence in Poland, with projects totaling 32 MW currently under development, taking its total portfolio to 483 MW.
Romania hit 2.6 GW of solar capacity by the end of last year. Earlier this year, Helsinki-based investor Korkia and Romanian renewables developer Econous Green Energy announced plans to develop 600 MW of solar in the country, with construction scheduled for next year.
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