Press releases

INVL secures HoldCo facility for solar portfolio in Romania and Poland.

Frankfurt am Main, 19.06.2024

The INVL Renewable Energy Fund I, managed by INVL Asset Management and focused on investments in renewable energy, has obtained a HoldCo facility totaling EUR 17.5 million from an international debt fund. This facility will support the capital required for acquiring and building a 482 MW portfolio of solar PV projects in Romania and Poland. Capcora, based in Germany, served as the exclusive financial advisor to INVL in this transaction.

“We are thrilled to secure this tailor-made HoldCo facility, which marks a significant advancement in our efforts to reducing emissions and increasing energy security in Poland and Romania. This strategic funding not only fuels our current projects but also strengthens our position as a leader in sustainable investment,” says Liudas Liutkevičius, Managing Partner of the INVL Renewable Energy Fund I.

INVL Renewable Energy Fund I’s portfolio consists of 450 MWp in Romania and 32 MWp in Poland. Total project costs are expected to be approximately EUR 250 million. Construction of all the solar parks in those countries should be completed by the end of 2025.

The facility has been established at the HoldCo level, structured as a loan, with a two-year tenor aligned with the construction timeline. These funds will be allocated to cover a portion of the project costs, while the remaining expenses will be covered by senior debt, equity contribution, and proceeds from potential asset sales.

„Facilitating this deal for INVL underscores our commitment to advancing innovative financing solutions, even in countries where financial markets are still developing. This strategic financing is instrumental in advancing major solar projects, and we are thrilled to be a part of this INVL’s journey in Romania," remarked Alexander Kuhn, Managing Partner at Capcora.

In securing this financing, the INVL Renewable Energy Fund I was advised by the German financial advisory firm Capcora and CMS Poland.

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 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.