INVL Asset Management, a Lithuanian asset management company, has completed a contract to invest its INVL Renewable Energy Fund I in a 174 MW solar farm project in Romania. The 174 MW project is being purchased by the fund before it has obtained grid connection capacity, which is anticipated to occur in the first quarter of 2023. In the fourth quarter of 2023, construction at the site is anticipated to begin. No financial details of the deal have been disclosed.

After the agreement, INVL Asset Management currently operates eight solar farm projects in various stages of development in Romania. The total capacity of these is 442.7 MW. About 268 MW of their total capacity have already met the requirements for grid connection, while 42.7 MW have building permits. By the end of the third quarter of 2025, according to Liutkevičius, all of the solar farms should be completed. In addition to Romania, the fund is also creating 32 MW of solar power in Poland, which will go into construction in the first half of 2023. Another fundraising campaign for the INVL Renewable Energy Fund I is currently underway and will end in the middle of November 2022.

In March 2022, Ruserio Solar invited contractors to submit expressions of interest for the engineering, procurement, and construction of a 113 MW solar power project in Romania’s Bucsani district.