INVL Renewable Energy Fund I secures new financing from Kommunalkredit for solar projects in Romania

INVL Renewable Energy Fund I, managed by INVL Asset Management (INVL), has signed a new loan agreement with Austria-based Kommunalkredit Austria AG (Kommunalkredit) to finance the construction of solar power plants in Romania. The loan, valued at EUR 29.3 million, will support the development of solar projects with a total planned capacity of 71 megawatts (MW). Capcora, a Germany-based financial advisory firm, acted as exclusive advisor to INVL for the transaction.

“We greatly appreciate Kommunalkredit’s continued commitment to our renewable energy initiatives in Romania. Their long-term support plays a key role in accelerating the green energy transition in the region,” said Liudas Liutkevičius, Managing Partner of the INVL Renewable Energy Fund I.

“We are pleased to continue our successful partnership with the INVL Renewable Energy Fund I through this follow-up financing. The development of solar energy infrastructure in Romania reflects both the fund’s strategic vision and our commitment to enabling the energy transition in high-growth markets. This transaction underlines Kommunalkredit’s dedication to delivering bespoke financing solutions that empower sustainable development across Europe,” said Konstantin Ponomarenko, Senior Transactor, Structuring & Execution, Banking, Kommunalkredit at Austria AG

The 71 MW project located in Dolj County marks the Fund’s third large-scale solar development in Romania. Construction is on track for completion by the end of September next year.

In total, the fund is advancing eight solar projects in Romania with a combined capacity of 356.6 MW. Including projects in Poland, where solar parks with over 32 MW of capacity are under development, the Fund’s overall renewable energy portfolio stands at 389 MW. Cumulative investments in Romania and Poland are expected to exceed EUR 250 million, with construction across all sites targeted for completion by the end of the third quarter of 2027.

Capcora and Romanian law firm Glodeanu & Partners advised INVL Renewable Energy Fund I in securing this latest financing from Kommunalkredit.

“We’re proud to support INVL in their fourth successful financing round in Romania,” said Alexander Kuhn, Managing Partner at Capcora. “This growing partnership reflects our shared vision for expanding renewable energy across Central and Eastern Europe.”

About the INVL Renewable Energy Fund I

The 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.
https://www.invl.com/en/investments/invl-renewable-energy-fund-i

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 1.9 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.

https://www.invl.com/en

About Kommunalkredit Austria AG

Kommunalkredit is an Infra Banking Expert providing financing and advisory for infrastructure that enhances energy resilience, drives economic growth, and accelerates the green transition across Europe. With core expertise in lending, advisory, asset management, and public finance, the bank supports initiatives across energy & environment, communications & digitalisation, transport, social infrastructure, and natural resources. Kommunalkredit’s tailored solutions support infrastructure and energy projects, corporates, and acquisitions throughout the entire project lifecycle and across the capital structure. Founded in 1958, the bank has facilitated new infrastructure and energy financing totalling EUR 8.5 billion since 2020. The majority shareholder is European private equity firm Altor, which focuses on innovative companies and the green transition, and has raised more than EUR 12 billion since its inception.

https://www.kommunalkredit.at/

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.

www.capcora.com

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