Glodeanu & Partners has advised INVL Asset Management's INVL Renewable Energy Fund I on the acquisition of two companies developing solar power plants in Romania with a capacity of 166 megawatts.
The solar plants, in which the fund plans to invest roughly EUR 120 million, are set to become operational in 2024.
The INVL Renewable Energy Fund I is a sub-fund for informed investors established by INVL Asset Management. The fund invests in renewable energy projects at the early and mid-stage of development, including the construction of new power plants, development and acquisition of the infrastructure necessary for the operation of power plants, and management of existing power plants in the European Union and member states of the European Economic Area.
“We are growing and diversifying the geography of the portfolio,” commented INVL Renewable Energy Fund I Managing Partner Liudas Liutkevicius. “Romania is a very rapidly developing and promising European Union market which is giving increasing attention to green projects. We see huge potential in this market for developing renewable energy projects and we believe that these investments of ours will not only reduce pollution of the environment but will also allow us to earn an attractive return for investors.”
Glodeanu & Partners’ team included Partner Cristina Gavrila, Counsel Petruta Anghelescu, Senior Associate Paul George Cata, and Associate Alexandru Pruteanu.
Glodeanu & Partners was unable to disclose further information on the deal.