Envolve Capital is pleased to announce that its Clean Energy Infrastructure Fund, a closed-end investment fund for informed investors (the Fund), has energised the 25 MW Kretingalė solar park in Lithuania, the last project under construction in its current portfolio. All 21 renewable energy generation projects acquired by the Fund so far, with a combined installed capacity of 217 MW in Lithuania, Latvia and Poland, are now operational. Together they are expected to generate around 260 GWh of green electricity per year.
The projects are held through ten portfolio companies of the Fund, managed by Envolve Capital UAB. Of the total capacity, 101 MW is located in Lithuania, 72 MW in Latvia and 44 MW in Poland. Most of the portfolio is solar PV based on single axis tracking systems, complemented by a 24 MW hybrid onshore wind and solar PV project at Eržvilkas, Lithuania.
The Fund acquired all projects at the ready-to-build stage between May 2023 and May 2025 and managed their construction and grid connection. Every megawatt in the portfolio is new renewable energy capacity in the region built by the Fund.
Construction was financed by the leading Baltic and Polish banks as well as a western European private debt fund. Total debt financing raised for the portfolio amounts to more than EUR 112 million.
At full operation, the portfolio is expected to produce enough electricity to cover the annual consumption of around 131 thousand households and to avoid approximately 163 thousand tonnes of CO₂ emissions per year.
“Having every project we have acquired so far fully operational is an important milestone for the Clean Energy Infrastructure Fund. In just three years, we have turned 21 ready-to-build projects into 217 MW of operating clean energy capacity across three countries, delivering on the strategy we presented to our investors. I would like to thank our investors, financing partners, contractors and the Envolve Capital team for making this possible,” said Povilas Pečiulis, CEO of Envolve Capital UAB.
The next strategic step for the Fund is to focus on flexibility through deployment of battery energy storage systems (BESS). The Fund is in advanced transaction processes for several standalone BESS projects in Poland, as well as advancing with development of co-located BESS, to be built at multiple sites of its renewable generation portfolio.
Clean Energy Infrastructure Fund is the fourth closed-end investment fund for informed investors launched in 2023 by Envolve Capital UAB, a licensed alternative investment fund management company. Fund size is EUR 87m. The Fund invests in the Baltic States and Poland, complies with the requirements of SFDR Article 9 (Dark Green) for the financial products that have sustainable investment as their objective, and is focused on long-term investments in solar PV, onshore wind and battery energy storage systems. The Fund benefits from support from the European Union under the InvestEU Fund.
