Lithuanian handled fund to build 166MW PV in Romania
- INVL Renewable Energy Fund 1 will spend EUR120m on the projects that are due online in 2024
The INVL Renewable Energy Fund 1, handled by Lithuanian asset manager INVL Asset Management, is spending roughly EUR120m to develop solar farms it has gotten in Romania amounting to 166MW.
Under arrangements that have actually been authorized, the fund has acquired 2 companies that are establishing the solar plants.
The projects are anticipated to be functional in 2024.
INVL Renewable Energy Fund 1 managing companion Liudas Liutkevicius claimed: "We are expanding and branching out the geography of the portfolio.
" Romania is an extremely rapidly developing and promising European Union market which is providing raising focus to green projects.
" We see substantial possibility in this market for developing renewable energy projects and our team believe that these investments of ours will not just minimize air pollution of the atmosphere but will certainly likewise permit us to earn an attractive return for investors.
" We continuously check electrical energy markets in EU countries and also evaluate diverse investment chances.
" We have actually been seeing the Romanian market because the fund's beginning, but only went into activity after the state amended electricity legislation to allow the advancement of power generation facilities on the basis of power acquisition arrangements, or PPAs.
" The Romanian market is eye-catching for its geographical area as well as yearly hrs of sunlight-- that makes it possible to achieve about 20% greater solar energy plant performance comparing to Poland and also increase the competition of the power cost in the market.
" The changed legal setting will no question draw in large investments to the renewable energy market and enable Romania to address architectural difficulties related to its electrical energy production equilibrium and power self-reliance."
The fund's portfolio now consists of growth projects for more than 200MW of solar farms.
All the projects currently have problems for grid connection.
Construction will happen in 2023-2025.
