The INVL Renewable Energy Fund I managed by INVL Asset Management completed a new fundraising round in which it attracted an additional EUR 18.3 million from investors to reach a total size of EUR 52.9 million.
“The amount raised shows that investors have great confidence in our fund and this asset class. Investing in the fund provides investors with a chance to contribute significantly to the growth of renewable energy, to diversify their assets geographically, and to earn an attractive return,” says Liudas Liutkevičius, the managing partner of the INVL Renewable Energy Fund I.
The fund’s investment units are distributed by the INVL Family Office. The money raised from investors will be used to develop renewable energy facilities in the European Union, currently focusing on the Romanian and Polish markets where the fund’s managers see big growth potential.
The fund now has a portfolio of projects in development with total capacity of 475 megawatts (MW).
In October this year, the INVL Renewable Energy Fund I signed an agreement to acquire a 174 MW capacity solar farm project in Romania. The acquisition brought the number of solar farm projects under development by the fund in Romania to eight with a total capacity of 442.7 MW. Initial construction work on the solar farms is set to start late in the first quarter of 2023. Construction of all of them should be complete by the end of the third quarter of 2025. The fund’s total investments in renewable energy projects Romania could reach about EUR 350 million.
The fund is also developing solar energy facilities with more than 32 MW of capacity in Poland. The start of construction on some of the Polish solar farms is planned in the first half of next year. The intention is to offer the power plants for purchase to end consumers to cover their own electricity needs.
Renewable energy is an attractive asset class from an environmental, economic and energy independence perspective. Poland and Romania have a need for new electricity generation capacity due to specifics of the production balance in those markets, and their governments are supporting the development of renewable energy.
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.