INVL Renewable Energy Fund I company REFI Sun aims to raise up to EUR 15 million in public bond offering

The INVL Renewable Energy Fund I managed by INVL Asset Management, the leading alternative asset manager in the Baltics, is seeking to raise up to EUR 15 million through an offering of bonds issued by REFI Sun, a company the fund owns. The bonds will be offered publicly to retail and institutional investors in the Baltic countries from 28 July to 15 August. 

The bonds have a maturity of 2.5 years. The fixed interest rate on the debt securities will be set in the range of 7.5% to 8.5% and announced at completion of the offering. Interest will be paid to investors quarterly. The INVL Renewable Energy Fund I will provide guarantees to all holders of the REFI Sun bonds. 

“Construction of the fund’s renewable energy projects in Romania and Poland is gaining momentum, so there is also a growing need for financing, which in part we aim to meet by issuing new bonds. Most of the money raised from investors will be used to refinance a loan previously obtained by one of the fund’s companies, the rest will go to the fund’s solar power plant construction projects,” says Liudas Liutkevičius, Managing Partner of the INVL Renewable Energy Fund I. 

REFI Sun seeks to raise up to EUR 15 million in a public offer in Lithuania, Latvia, and Estonia under a base prospectus for EUR 25 million bond programme approved by the Bank of Lithuania. The minimum investment amount is EUR 1,000.  

The lead arranger of the bond program is Artea Bank. Evernord will also participate in the placement in Lithuania, while LHV Pank and Signet Bank acting as distribution partners in Estonia and Latvia. The certified advisor to the issuer is the Sorainen law firm, while the bondholders’ trustee is the company Audifina. It is planned that the debt securities will be listed on the First North alternative securities market operated by Nasdaq Vilnius within three months after the issue date. 

More information about the bond issue and the offering process is available  

An online presentation and question-and-answer session for investors (in English) will be held on 31 July at 10:00. The link to join the session is . An online presentation and Q&A session for investors in the Lithuanian language will be held on the same day at 14:00; the link to join that session is .    

In February 2025, the INVL Renewable Energy Fund I’s company REFI Energy successfully completed an EUR 8 million public offering of bonds with an annual interest rate of 8%. Demand for the bonds exceeded the issue size 1.7 times, demonstrating strong investor confidence in the Fund's management team and strategy.   

The INVL Renewable Energy Fund I is focusing on the Polish and Romanian markets, where the fund’s managers see big growth potential. Total capacity of the fund’s portfolio of projects in development in these markets is 389 MW. 

In Romania, the fund is investing in projects for 8 solar plants with a combined capacity of 356 MW. In Poland, it is developing solar park projects with over 32 MW in capacity. Investments in  Romania and Poland are expected to exceed EUR 250 million. The fund has invested over EUR 90 million in acquisition and construction of the projects as of June 2025. Construction of all the solar parks should be completed by the end of 2027. 

To date the INVL Renewable Energy Fund I has raised EUR 73.9 million from investors through investment units and bonds. 

About the INVL Renewable Energy Fund I  

The 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