INVL secures HoldCo facility for solar portfolio in Romania and Poland

Issuer: Capcora GmbH / Key word(s): Financing
INVL secures HoldCo facility for solar portfolio in Romania and Poland

19.06.2024 / 09:00 CET/CEST
The issuer is solely responsible for the content of this announcement.

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The INVL Renewable Energy Fund I, managed by INVL Asset Management and
focused on investments in renewable energy, has obtained a HoldCo facility
totaling EUR 17.5 million from an international debt fund. This facility
will support the capital required for acquiring and building a 482 MW
portfolio of solar PV projects in Romania and Poland. Capcora, based in
Germany, served as the exclusive financial advisor to INVL in this
transaction.

"We are thrilled to secure this tailor-made HoldCo facility, which marks a
significant advancement in our efforts to reducing emissions and increasing
energy security in Poland and Romania. This strategic funding not only fuels
our current projects but also strengthens our position as a leader in
sustainable investment," says Liudas Liutkeviius, Managing Partner of the
INVL Renewable Energy Fund I.

INVL Renewable Energy Fund I's portfolio consists of 450 MWp in Romania and
32 MWp in Poland. Total project costs are expected to be approximately EUR
250 million. Construction of all the solar parks in those countries should
be completed by the end of 2025.

The facility has been established at the HoldCo level, structured as a loan,
with a two-year tenor aligned with the construction timeline. These funds
will be allocated to cover a portion of the project costs, while the
remaining expenses will be covered by senior debt, equity contribution, and
proceeds from potential asset sales.

"Facilitating this deal for INVL underscores our commitment to advancing
innovative financing solutions, even in countries where financial markets
are still developing. This strategic financing is instrumental in advancing
major solar projects, and we are thrilled to be a part of this INVL's
journey in Romania," remarked Alexander Kuhn, Managing Partner at Capcora.

In securing this financing, the INVL Renewable Energy Fund I was advised by
the German financial advisory firm Capcora and CMS Poland.

About the INVL Renewable Energy Fund I
The INVL Renewable Energy Fund I was established on 20 July 2021 by INVL
Asset Management as a sub-fund for informed investors. It invests in early-
and mid-stage renewable energy projects (solar and wind), including the
construction of new power plants, the development and/or acquisition of the
infrastructure necessary for the operation of power plants, and effective
management of existing power plants in the European Union and member states
of the European Economic Area. INVL Asset Management is part of INVL, the
leading Baltic investment management and life insurance group.
www.invl.com

About Capcora
Capcora is an independent financial advisory boutique specializing in M&A
and project finance services to accelerate the energy transition in Europe.
Founded in 2015, the Frankfurt-based company helps its clients succeed in
the renewable energy and infrastructure sectors by advising them on
sell-side and buy-side transactions, and by raising mezzanine, unitranche or
senior debt.
www.capcora.com


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