The INVL Renewable Energy Fund I, which invests in renewable energy projects and is managed by INVL Asset Management, the leading alternative asset manager in the Baltics, has signed an agreement to sell its entire portfolio of solar power plants in Poland. The 33.3 megawatt (MW) solar parks are being acquired by the Israeli capital renewable energy company Airengy. The transaction is valued at EUR 23.7 million.
Liudas Liutkevičius, Managing Partner at INVL Renewable Energy Fund I, states that once the transaction is completed, the proceeds will be directed towards the development of other renewable energy projects managed by the fund.
“The sale of the projects under development in Poland is a result of the consistent implementation of the fund’s strategy. We plan to use the proceeds from the sale to further develop projects in Romania,” says Liutkevičius.
The transaction is being executed through a forward sale – whereby the price is fixed at the signing date, and the final transfer of ownership will occur once the parks are constructed and become operational. The sale will take place in three stages: payment for the first portion of projects, totalling about 13.9 MW, has already been made, while the remaining 12.9 MW and 6.5 MW projects are expected to be transferred to the buyer in the second half of 2026 and the first half of 2027, respectively, upon receipt of the necessary operating permits.
The equity raised by INVL Renewable Energy Fund I amounts to EUR 57.9 million. The fund’s portfolio comprises 8 solar parks in Poland and 8 in Romania with a combined capacity of 389 MW – 33 MW in Poland and 356 MW in Romania – part of which are already generating electricity.
About the INVL Renewable Energy Fund I
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.
About Invalda INVL group
Invalda INVL is the leading Baltic asset management group with a track record spanning over 30 years. The group’s companies manage or have under supervision more than EUR 2 billion of assets across multiple asset classes including private equity, forests and agricultural land, renewable energy, real estate as well as private debt. The group’s scope of activities also includes family office services in Lithuania, Latvia and Estonia, management of pension funds in Latvia, and investments in global third-party funds.
About Airengy
Airengy Tech Ltd. is a leading Israeli clean energy company listed on the Tel Aviv Stock Exchange under the ticker ARNG. The company positions itself at the forefront of the global energy transition, operating two complementary business pillars that are both experiencing rapid growth.
The company's proprietary technology is built around the CAPP (Compressed Air Power Plant) system, which represents a breakthrough solution for long-duration energy storage at industrial scale. The system combines the principles of compressed air energy storage with pumped hydroelectric mechanics. Through a closed-loop, near-isothermal liquid piston process, Airengy's system compresses and stores air within underground geological salt caverns. This enables the establishment of grid-scale green power plants capable of delivering clean energy on demand for weeks with zero emissions, minimal land footprint, and without dependence on rare materials or fossil fuels.
Beyond this proprietary technology, Airengy is actively building a diversified renewable energy platform across Europe. The company acquires and develops solar, wind, and BESS assets across key European markets, with initial projects anchored in Poland and Italy. This dual-engine strategic approach positions Airengy as a uniquely integrated clean energy player, bridging cutting-edge technological innovation in energy storage with revenue-generating renewable energy assets. This dual focus drives long-term value creation across both technological and operational dimensions, establishing the company as a comprehensive player in the clean energy transition.
Further information:
Liudas Liutkevičius
Managing Partner of the INVL Renewable Energy Fund I
liudas.liutkevicius@invl.com
