INVL Renewable Energy Fund I-managed REFI Sun raised EUR 15 million through public bond offering

REFI Sun, a company of the INVL Renewable Energy Fund I, which invests in renewable energy projects and is managed by INVL Asset Management, the leading alternative asset manager in the Baltics, has successfully completed a public bond placement of EUR 15 million to retail and institutional investors in the Baltics. 

The proceeds of the bond offering will be used to finance renewable energy projects in the high-growth potential markets of Poland and Romania, where the fund is developing a portfolio of solar power plant projects with a capacity of 389 megawatts (MW), and to refinance previously obtained loans.  

Demand for the REFI Sun bonds totalled EUR 15.636 million; 567 investors acquired them. 

"Investors have once again demonstrated their confidence in the fund's activities in developing renewable energy projects in the Polish and Romanian markets. The capital raised will enable the fund to continue successfully building power plants in these markets and optimise its capital structure. At the same time, investors have the opportunity to diversify their investments in the rapidly growing renewable energy markets. Also we are pleased to see increased attention from institutional investors compared to previous offerings of bonds by the fund’s companies," says Liudas Liutkevičius, Managing Partner of the INVL Renewable Energy Fund I. 

The main organizer and distributor of the bond issue was Artea Bank, with Evernord handling distribution in Lithuania, LHV Bank in Estonia, and Signet Bank in Latvia. 

"This issue allowed investors to diversify their portfolios by investing in a well-known Lithuanian brand that is successfully expanding its activities beyond the country's borders. Investments in renewable energy projects not only allow for risk diversification but also contribute to long-term sustainable development goals in the broader market," says Eglė Džiugytė, Head of the Financial Markets Department at Artea Bank. 

Institutional investors obtained 57.75% of the bonds that were issued, while 42.25% were allocated to retail investors. Most of the proceeds (72.63%) came from Lithuania, with 14.52% and 12.85% coming from Latvia and Estonia, respectively.  

Investors will receive 8.5% annual interest on the 2.5-year bonds, payable quarterly. The INVL Renewable Energy Fund I provides a guarantee to all holders of these REFI Sun bonds. The minimum investment amount was EUR 1,000.  

The issuer's certified advisor is the law firm Sorainen and the bondholders' trustee is Audifina. It is planned that the debt securities will be listed on the First North alternative securities market administered by Nasdaq Vilnius within three months of the end of the issue distribution date. 

More information about the bond issue and distribution process is available on the website of the INVL Renewable Energy Fund I. 

In February 2025, the INVL Renewable Energy Fund I company REFI Energy successfully distributed a public bond issue of EUR 8 million. Demand for the bonds exceeded the issue size by 1.7 times.  

The INVL Renewable Energy Fund I focuses its activities on the Polish and Romanian markets. In Romania, the fund is investing in eight solar power plant projects with a total capacity of 356 MW. In Poland, solar park projects with a combined capacity of more than 32 MW are under development. The fund's total investments in Romania and Poland are expected to exceed EUR 250 million. As of June 2025, the fund had invested more than EUR 90 million in the acquisition and construction of projects. The construction of all solar parks is expected to be completed by the end of 2027. 

Including the new issue, the INVL Renewable Energy Fund I has raised EUR 88.9 million from investors through investment units and bonds. 

About the INVL Renewable Energy Fund I  

The INVL Renewable Energy Fund I was established on 20 July 2021 by INVL Asset Management, the leading alternative asset manager in the Baltic States, as a sub-fund for informed investors. It invests in early- and mid-stage renewable energy projects (solar), 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 Invalda INVL, the leading Baltic asset management group.  

Further information:

Liudas Liutkevičius

Managing Partner of the INVL Renewable Energy Fund I