International law firm CMS has advised INVL Renewable Energy Fund I, a fund investing in renewable energy projects, on securing a EUR 24.4 million financing package from the European Bank for Reconstruction and Development (EBRD) and Eiffel Investment Group through Paris-based Eiffel Investment Group’s Energy Infrastructure Investment Fund. The proceeds will be used to facilitate the construction of a 60 MW solar power plant in Dolj County, Romania.
INVL Renewable Energy Fund I, established in 2021 by INVL Asset Management—the leading alternative asset manager in the Baltic States—is dedicated to advancing renewable energy projects. The fund invests in early- and mid-stage investments in solar and wind energy projects, encompassing the construction of new power plants, the development and acquisition of essential infrastructure, and the effective management of existing facilities across the European Union and the European Economic Area.
Overall, INVL Renewable Energy Fund I is investing in eight projects for solar power plants in Romania with a combined capacity of 451 MW.
Liudas Liutkevičius, Managing Partner at INVL Renewable Energy Fund I, says: “We greatly appreciate the trust and recognition shown to us by the EBRD and Eiffel Investment Group in providing financing, which is crucial for the successful construction of our new solar power plant in Dolj County. We are very grateful to Kateryna, Diana, and the wider CMS team for their expertise and ongoing support in securing the necessary financing to pursue our projects.”
Kateryna Chechulina, English law qualified Counsel in the Finance team at CMS Ukraine, says: “We are proud to support INVL in securing this significant financing. INVL’s investments are truly advancing the development of Romania’s renewable energy generation capacity, contributing to delivery on Romania’s commitment to the European Union's target of climate neutrality by 2050. We are pleased to have played a part in this progress along with Capcora team, financial adviser to INVL.”
Diana Dona, Associate in the Finance team at CMS Romania, adds: “This transaction showcases the exceptional collaboration between all parties involved, and we are proud to have played a role in supporting INVL's efforts to expand Romania's renewable energy infrastructure. The successful financing not only reflects CMS’s commitment but also the expertise in assisting clients as they advance the transition to a greener future.”
The CMS team was led by Kateryna Chechulina with support of Diana Dona (Associate, Finance, CMS Romania) and Andrei Tercu (Tax Director), on the negotiation of the financing documents and tax matters.
