INVL Renewable Energy Fund I, which will invest in renewable energy projects and is managed by INVL Asset Management, one of the leading asset management companies in Lithuania, raised €18.5 million and proceeded to initial closing. Of these, €1.24 million was invested by Invalda INVL Group together with the Fund’s partners.
“We are glad to see investors’ confidence and the excellent result for the first closing, which has been achieved in a very short time – in just two weeks. In recent years, renewable energy has become an extremely attractive investment alternative, and an increasing number of investors exhibit interest in investing in solar and wind turbines, contributing to tackling climate change, and earning a competitive return,” said Liudas Liutkevičius, Managing Partner of INVL Renewable Energy Fund I.
According to him, with backing from investors, the fund will start to invest in two of the currently most competitive renewable energy technologies – utility-scale solar and onshore wind farms, focusing primarily on the Polish market.
“We are actively working with potential partners in the field of project development and in the near future we hope to sign the first agreements for acquisition of solar farm project rights in Poland. We plan to form a portfolio of projects, over 400 megawatts (MW), by the end of 2022 and the implementation of the projects should start in 2023. Therefore, we are open to discussions on cooperation in the development of solar and wind energy projects between 1 and 100 MW. We will also assess all potential investments in the Baltic States and other European Union countries. Investing in renewable energy, we aim for the lowest environmental impact and strict compliance with environmental standards,” said L. Liutkevičius.
The target size of the fund is €60 million, the maximum – €100 million, and expected net return for investors – 11%. In Lithuania, the fund units are distributed by the financial brokerage company INVL Finasta, with a minimum investment amount of €125 thousand. The duration of the fund – 7 years.
About INVL Renewable Energy Fund I
Set up on 20 July 2021 by the asset management company INVL Asset Management, a sub-fund dedicated to informed investors, which will invest in green field and brown field renewable energy (solar, wind) projects, including also the construction of new power plants, acquisition of existing power plants, establishment/acquisition of the infrastructure necessary for the operation of power plants, and the efficient management of existing power plants in the European Union, Great Britain, and the Member States of the European Economic Area.