Lithuanian asset management company INVL Asset Management has closed a deal to acquire a 174MW solar farm project in Romania via its INVL Renewable Energy Fund I.

The fund is acquiring the 174MW project before it has secured grid connection capacity, which is expected to happen in the first quarter of next year.

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Construction works at the site are expected to start in the fourth quarter of next year.

The financial details of the deal have not been disclosed.

INVL Renewable Energy Fund I managing partner Liudas Liutkevičius said: “We entered the Romanian market at the start of this year, and the deals we have signed show our determination to become an important player in this market.

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“We appreciate the support of our Romanian partners in building our portfolio.

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“We look forward to the start of construction and the possibility to work with the local communities and authorities in bringing investments into their neighbourhood.

“Considering the portfolio of solar farm projects under development, the fund’s investments in Romania could reach about €350m.”

Following the deal, INVL Asset Management has a total of eight solar farm projects under development in Romania. These have a combined capacity of 442.7MW.

Of their total capacity, around 268MW already has grid connection conditions, while 42.7MW has building permits.

Liutkevičius said that the construction of all the solar farms should be completed by the end of the third quarter of 2025.

In addition to Romania, the fund is also developing 32MW of solar capacity in Poland, the construction of which is due to start in the first half of next year.

The INVL Renewable Energy Fund I is currently conducting an additional fundraising round, which will close in the middle of next month.

INVL Asset Management created the fund last year as a sub-fund for its informed investors.