Capcora Advises: INVL Secures Bridge Financing For Large-Scale PV Project in Romania

Frankfurt am Main, Germany - INVL Renewable Energy Fund I has received financing of EUR 24.4 million from the European Bank for Reconstruction and Development (EBRD) and Eiffel Investment Group.

EBRD and the Paris-based Eiffel Investment Group's Energy Infrastructure Investment Fund are providing the financing in equal shares of EUR 12.2 million each. The German consulting firm Capcora acted as exclusive financial advisor to INVL in this transaction.

The funds will be used for the construction of a 60 MW solar project in Dolj County, Romania. The plant is the fund's second project. The construction of the first PV parks with a capacity of 51 MW in Romania is expected to be completed by the end of September 2024.

The fund invests in renewable energy projects and belongs to INVL Asset Management, a leading alternative asset manager in the Baltic States. In total, the fund invests in 8 PV projects in Romania with a total capacity of 451 MW.

The total capacity of the INVL Renewable Energy Fund I portfolio amounts to 483 MW of renewable generation capacity. In addition to Romania, the fund is developing solar parks in Poland with a capacity of over 32 MW. Investments in the projects in Romania and Poland are expected to amount to over EUR 330 million. Construction of the solar parks in the two countries is expected to be completed by the end of the third quarter of 2026.

Source: IWR Online, 06 Aug 2024