About This Fund
INVL Renewable Energy Fund I (REFI), launched on 20 July 2021 by INVL Asset Management, is a closed‑end investment vehicle tailored to informed investors. Focused on developing and acquiring utility‑scale solar and wind projects, mainly in Poland and Romania, REFI aims to deliver attractive risk‑adjusted returns while supporting Europe’s clean‑energy transition. The fund invests in greenfield and brownfield projects of mid‑ to large‑scale size (approximately €20 m–€70 m each), structured via direct ownership or SPEs, and financed through a mix of equity and debt. Investments are backed by long‑term revenues such as Power Purchase Agreements and Contracts for Difference, ensuring predictable cash flows and asset value enhancement. By mid‑2025, REFI had raised about €73.9 million (through investor units and bond programmes) and built a development portfolio of roughly 389 MW—eight solar parks in Romania (356 MW) and 32 MW+ in Poland—with expected total project investment of over €250 million. Construction is slated for completion by end‑2027, and bond‑based refinancing and new issuance remain key tools for funding this growth trajectory.