Press releases

Capcora supports INVL in securing a construction bridge facility for solar PV projects in Romania.

Frankfurt am Main, 22.11.2023

The INVL Renewable Energy Fund I, which is managed by INVL Asset Management (INVL) and invests in renewable energy projects, signed an agreement with Kommunalkredit Austria AG (Kommunalkredit) on a loan of EUR 25 million. The proceeds of the loan will be used to finance the construction of solar power plants with 51 megawatts (MW) capacity in Romania. Germany-based Capcora acted as exclusive financial advisor to INVL in the transaction.

“We see Romania as a very rapidly emerging European Union (EU) market that is heavily focused on renewable energy projects. We believe the fund’s investments in more renewable electricity production capacity will contribute greatly to reducing emissions and increasing energy security in Romania,” says Liudas Liutkevičius, Managing Partner of the INVL Renewable Energy Fund I.

Overall, the fund is investing in 8 projects for solar power plants in Romania with a combined capacity of 451 MW.

The total capacity of the INVL Renewable Energy Fund I’s portfolio of renewable energy projects is 483 MW. Besides Romania, in Poland the fund is developing solar park projects with over 32 MW of capacity. Investments in the projects in Romania and Poland are expected to exceed EUR 330 million. Construction of all the solar parks in those countries should be completed by the end of 2025.

In securing financing from the Austrian bank, the INVL Renewable Energy Fund I was advised by the German financial advisory firm Capcora and the Romanian law firm Glodeanu & Partners.

About the INVL Renewable Energy Fund I:

The INVL Renewable Energy Fund I was established on 20 July 2021 by INVL Asset Management as a sub-fund for informed investors. It invests in early- and mid-stage renewable energy projects (solar and wind), 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 INVL, the leading Baltic investment management and life insurance group.

About Kommunalkredit Austria AG:

Kommunalkredit is a specialist for infrastructure and energy financing. Together with its customers as partners, the bank creates values that continuously improve people’s lives. In doing so, it facilitates the construction and operation of infrastructure facilities by balancing the financing needs of project sponsors and developers with the growing number of investors looking for sustainable investment opportunities. Main investment segments are energy & environment | communications & digitalisation | transportation | social infrastructure | natural resources.

About Capcora:

Capcora is an independent financial advisory boutique specializing in M&A and project finance services to accelerate the energy transition in Europe. Founded in 2015, the Frankfurt-based company helps its clients succeed in the renewable energy and infrastructure sectors by advising them on sell-side and buy-side transactions, and by raising mezzanine, unitranche or senior debt.