INVL Renewable Energy Fund I, run by Lithuania’s INVL Asset Management, said on Monday it plans to invest some 120 million euro ($129 million) in the development of solar farms it has acquired in Romania.

The fund has acquired two local companies which are developing solar power plants with a capacity of 166 MW in Romania, it said in a press release.

The solar plants should become operational in 2024.

“We have been watching the Romanian market since the fund’s inception, but only went into action after the state amended electricity legislation to allow the development of power generation facilities on the basis of power purchase agreements, or PPAs,” INVL Renewable Energy Fund I managing partner Liudas Liutkevičius said, according to SeeNews.

“We plan to invest more in sustainable energy projects in Romania. That will create opportunities to work together with renewable energy project developers.”

The solar energy projects in Romania that are being added to the fund’s portfolio already have approved grid connection conditions.

The INVL Renewable Energy Fund was established by INVL Asset Management in July 2021. The fund invests in renewable energy projects at the early and mid-stage of development, including construction of new power plants, development and/or acquisition of the infrastructure necessary for the operation of power plants, as well as effective management of existing power plants in the EU and member states of the EEA.