Romania's CIS Group to build 23-MW solar park at home
Sep 19, 2024 9:59 CESTA fund run by Lithuania’s INVL Asset Management has secured a EUR-17.5-million (USD 18.7m) loan to advance the acquisition and construction of a 482-MWp portfolio of solar projects in Romania and Poland.
The financing was arranged by Renewable energy investment vehicle INVL Renewable Energy Fund I with an unnamed international debt fund. German financial advisory firm Capcora and CMS Poland served as advisors in this transaction, a Capcora press statement said today.
The fund’s portfolio consists of 450 MWp in Romania and 32 MWp in Poland, requiring an estimated investment of about EUR 250 million. The obtained loan will cover a portion of the overall cost, while the remainder will be covered by senior debt, equity contribution and proceeds from potential asset sales.
The planned facilities are expected to become operational by the end of 2025.
The INVL Renewable Energy Fund I was launched in July 2021 to invest in early- and mid-stage solar and wind energy projects. The fund is currently focused on projects in Central Eastern Europe.
(EUR 1 = USD 1.071)
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