INVL Renewable Energy Fund I signs EUR 25 million loan agreement with Kommunalkredit for construction of solar power plants in Romania
21 Noviembre 2023 - 1:45AM
INVL Renewable Energy Fund I signs EUR 25 million loan agreement
with Kommunalkredit for construction of solar power plants in
Romania
The INVL Renewable Energy Fund I, which is
managed by INVL Asset Management and invests in renewable energy
projects, signed an agreement with Kommunalkredit Austria AG
(Kommunalkredit) on a loan of EUR 25 million. The proceeds of the
loan will be used to finance the construction of solar power plants
with 51 megawatts (MW) capacity in Romania.
“We see Romania as a very rapidly emerging
European Union (EU) market that is heavily focused on renewable
energy projects. We believe the fund’s investments in more
renewable electricity production capacity will contribute greatly
to reducing emissions and increasing energy security in Romania,”
says Liudas Liutkevičius, Managing Partner of the INVL Renewable
Energy Fund I.
Overall, the fund is investing in 8 projects for
solar power plants in Romania with a combined capacity of 451
MW.
The total capacity of the INVL Renewable Energy
Fund I’s portfolio of renewable energy projects is 483 MW. Besides
Romania, in Poland the fund is developing solar park projects with
over 32 MW of capacity. Investments in the projects in Romania and
Poland are expected to exceed EUR 330 million. Construction of all
the solar parks in those countries should be completed by the end
of 2025.
In securing financing from the Austrian bank,
the INVL Renewable Energy Fund I was advised by the German
financial advisory firm Capcora and the Romanian law firm Glodeanu
& Partners.
About the INVL Renewable Energy Fund
I
The INVL Renewable Energy Fund I was established
on 20 July 2021 by INVL Asset Management as a sub-fund for informed
investors. It invests in early- and mid-stage renewable energy
projects (solar and wind), including the construction of new power
plants, the development and/or acquisition of the infrastructure
necessary for the operation of power plants, and effective
management of existing power plants in the European Union and
member states of the European Economic Area.
INVL Asset Management is part of INVL, the
leading Baltic investment management and life insurance group.
About the INVL group
INVL is the leading investment management and
life insurance group in the Baltic region. Its companies manage
pension and mutual funds and life insurance directions, individual
portfolios, private equity, and other alternative investments. Over
300,000 clients in Lithuania, Latvia and Estonia and international
investors have entrusted the group’s companies with the management
of more than EUR 2 billion of assets. In the business for more than
30 years now, the group has solid experience in managing private
equity assets and building market players that are leaders in their
respective fields in the Baltic countries and Central and Eastern
Europe.
About Kommunalkredit Austria
AG
Kommunalkredit is a specialist for
infrastructure and energy financing. Together with its customers as
partners, the bank creates values that continuously improve
people's lives. In doing so, it facilitates the construction and
operation of infrastructure facilities by balancing the financing
needs of project sponsors and developers with the growing number of
investors looking for sustainable investment opportunities. Main
investment segments are energy & environment | communications
& digitalisation | transportation | social infrastructure |
natural resources.
The person authorised to provide additional
information:Liudas Liutkevičius, Managing Partner of the INVL
Renewable Energy Fund Iliudas.liutkevicius@invl.com
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