The INVL Renewable Energy Fund 1, managed by INVL Asset Management, has agreed to acquire a solar project in Romania with a capacity of 174 MW.
The acquisition will increase total investments in the fund’s projects in Romania, which is expected to reach around €350 million (~$340.7 million) and brings the total capacity of the eight solar projects under development in Romania to 442.7 MW. Of those, the projects for nearly 268 MW of capacity already have grid connection conditions, with 42.7 MW having building permits.
The INVL Renewable Energy Fund I is currently conducting an additional fund-raising round, ending in the middle of November.
According to the press release, the first solar farm construction works will commence in the first quarter of 2023, and the construction of all the solar farms should be completed by the end of the third quarter of 2025.
Besides Romania, the fund is also developing solar projects with 32 MW capacity in Poland. Construction on some of the solar projects in Poland is planned for the first half of next year, with the power plants to be offered for purchase to end consumers for their own consumption needs.
Earlier this month, ReneSola Power, a solar project developer, acquired 50 MW of Project Branston solar project in Lincoln, UK, from P&T Global Renewable Energy. The transaction was completed on September 30, 2022. Project Branston’s 50 MW solar project has been operational since October 12, 2020.
According to Mercom’s 1H and Q2 2022 report, 66 large-scale solar project acquisitions in Q2 2022 compared to 82 transactions in Q1 2022.
Recently, Altus Power – an independent developer, owner, and operator of commercial-scale solar facilities – announced definitive agreements to acquire around 97 MW of operating solar assets from undisclosed sellers for $220 million through a combination of cash and assumed liabilities. The acquisition of 88 MW of these is subject to closing conditions and is expected to be closed in the coming weeks.