INVL Renewable Energy Fund, a Lithuanian fund, continues its expansion in Romania. The latter has signed two agreements for the acquisition of six solar projects with a total capacity of 102.7 MW in Romania. A country whose attractiveness continues to grow.
Continued investment in Romania
This new transaction confirms the Romanian ambition of the fund managed by INVL Asset Management, the leading asset management company in Lithuania. In fact, its portfolio of projects under development now stands at 268.7 MW. Its global investment potential will soon exceed 200 million euros in the country.
The recently acquired solar projects are at an advanced stage of development. Therefore, construction of the portfolio is expected to begin progressively from the first quarter of 2023.
Liudas Liutkevičius, managing partner of INVL Renewable Energy Fund, wants to continue this expansion in Romania:
“Our fund’s investments in sustainable energy projects are already quite significant and we continue to actively seek new acquisition targets in the market.”
In addition, INVL recently announced a new round of financing that already amounts to 34.6 million euros. After announcing a €120 million investment in renewable energy in June, INVL is now stepping up the pace in Romania.
The growing attractiveness of Romania
In response to Russian aggression, the Romanian government wants to transform the country’s energy mix. In 2021, 45% of energy consumption was provided by imports, 29% of which came from Russia. Thus, the country aims at energy independence and relies on renewable energy.
An opportunity confirmed by Liudas Liutkevičius:
“The attractiveness of the Romanian market is growing. We are seeing a steady growth in foreign investor interest in the country’s renewable energy sector.”
Due to the specificities of its energy mix, the country needs new energy production capacities. In addition, Liudas Liutkevičius points out some interesting new ambitions for investors:
“Romania, with a population of over 19 million, is a fast-growing market. Romania plans to join the Schengen area in the near future and has begun negotiations to join the OECD, which will make this market even more attractive to foreign investment.”
The Romanian government is expecting 16 billion euros in European funds until 2030 to develop its energy sector.
