The INVL Renewable Energy Fund I, which is managed by INVL Asset Management and invests in renewable energy projects, signed a new EUR 29.3 million loan agreement with Kommunalkredit Austria AG (Kommunalkredit). The proceeds of the loan will be used to finance the construction of solar power plants with 71 megawatts (MW) of capacity in Romania.
“We value Kommunalkredit’s steady commitment to backing our renewable energy projects in Romania. Long-term support plays an important role in accelerating the transition to green energy in the region,” says Liudas Liutkevičius, the Managing Partner of the INVL Renewable Energy Fund I.
This is the second loan by European infrastructure banking specialist Kommunalkredit to the fund. In November 2023, the Vienna-based bank granted the INVL Renewable Energy Fund I a EUR 25 million loan for the construction of solar power plants in Romania.
“We are pleased to continue our successful partnership with the INVL Renewable Energy Fund I through this follow-up financing. The development of solar energy infrastructure in Romania reflects both the fund’s strategic vision and our commitment to enabling the energy transition in high-growth markets. This transaction underlines Kommunalkredit’s dedication to delivering bespoke financing solutions that empower sustainable development across Europe,” comments Konstantin Ponomarenko, Konstantin Ponomarenko, Senior Transactor, Structuring & Execution, Banking, Kommunalkredit Austria.
The 71-MW project, located in Dolj County, is the fund's third large-scale solar energy development project in Romania. Construction of the facilities is scheduled for completion by the end of September next year.
The INVL Renewable Energy Fund I is focusing on the Polish and Romanian markets, where the fund’s managers see big growth potential. Total capacity of the fund’s portfolio of projects in development in these markets is 389 MW.
In Romania, the fund is investing in projects for 8 solar plants with a combined capacity of 356 MW. In Poland, it is developing solar park projects with over 32 MW in capacity. Investments in Romania and Poland are expected to exceed EUR 250 million. The fund has invested over EUR 90 million in acquisition and construction of the projects as of June 2025. Construction of all the solar parks should be completed by the end of 2027.
The INVL Renewable Energy Fund I is currently seeking to raise up to EUR 15 million through an offering of bonds. The debt securities will be publicly offered to private and institutional investors in the Baltic countries from 28 July to 15 August (inclusive).
German financial advisory firm Capcora and Romanian law firm Glodeanu & Partners advised the INVL Renewable Energy Fund I in obtaining the financing from the Austrian bank.
About the INVL Renewable Energy Fund I
The INVL Renewable Energy Fund I was established on 20 July 2021 by INVL Asset Management, the leading alternative asset manager in the Baltic States, as a sub-fund for informed investors. It invests in early- and mid-stage renewable energy projects (solar), 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 Invalda INVL, the leading Baltic asset management group.
Further information:
Liudas Liutkevičius
Managing Partner of the INVL Renewable Energy Fund I
liudas.liutkevicius@invl.com
