Key Takeaways
- Sector: Energy Infrastructure & Renewables.
- Geography: Romania.
Analysis
INVL Renewable Energy Fund I, managed by INVL Asset Management, has secured a €29.3 million loan from Kommunalkredit Austria AG to finance the construction of solar power plants in Romania.
The deal marks the second loan from Kommunalkredit to the fund, following a €25 million financing in 2023. The new funds will support the development of 71 megawatts (MW) of capacity in Dolj County, with completion expected by September 2026.
INVL Renewable Energy Fund I is actively expanding across Romania and Poland, with a development portfolio totaling 389MW. In Romania, the fund is building 8 solar projects with 356MW of combined capacity, while Poland contributes over 32MW. Total investments in these markets are projected to exceed €250 million, with more than €90 million already invested as of June 2025.
The fund is also launching a public bond offering to raise up to €15 million from private and institutional investors in the Baltic countries. The offering will run from 28 July to 15 August 2025.
Advisors on the deal included Capcora, a Frankfurt-based financial firm, and Glodeanu & Partners, a Romanian law firm.
INVL Asset Management is part of Invalda INVL, a leading Baltic asset manager with over €1.9 billion in assets under management across renewable energy, private equity, real estate, and private debt.
Kommunalkredit specializes in infrastructure and green energy finance and has facilitated more than €8.5 billion in project funding since 2020.