REFI Sun UAB successfully completes the second offering under the EUR 25 million bond programme

REFI Sun, a company owned by INVL Renewable Energy Fund I, which is managed by INVL Asset Management, the leading alternative asset manager in the Baltics, raised more than EUR 5 million euros in a public offering of bonds. The money, which was raised from investors in the Baltic countries, will be used to finance projects of the fund and optimize the existing loan portfolio.  

The bonds, with a maturity of 2 years and 4 months, have a annual yield of 8.5%. Interest will be paid to investors quarterly. INVL Renewable Energy Fund I has issued a guarantee for the benefit of all holders of the REFI Sun bonds.  

“We greatly appreciate the trust placed in us by Baltic investors, amid the many bond offerings on the market, and their investment in our alternative energy projects in Poland and Romania,” says Liudas Liutkevičius, Managing Partner of the INVL Renewable Energy Fund I. 

Orders to purchase a total of 5,180 bonds were received, of which the maximum possible amount was allocated. In total, 5,000 bonds are distributed to investors for EUR 5.08 million.The largest part of the proceeds (89.5%) was raised in Lithuania, while 7.3% was from Latvia and 3.2% from Estonia. In total, 331 investors acquired the REFI Sun bonds. During allocation, 11.4% were allotted to institutional investors and 88.6% to retail investors.  

“The success of the REFI Sun offering once again shows that investors in the Baltic region are actively seeking not just a solid return but also a clear purpose for their capital. Today solar energy projects are no longer a niche alternative. They are becoming a mature investment avenue that investors trust. We are increasingly seeing that the market also highly values the fund’s guarantee as a strong protective measure that gives investors greater assurance,” says Eglė Džiugytė, Head of the Financial Markets Department at Artea Bank. 

Artea Bank was the lead arranger of the new bond offering, while LHV Pank and Signet Bank acted as distribution partners in Estonia and Latvia. The legal advisor to the issuer was law firm Sorainen, with the company Audifina serving as the bondholders’ trustee. 

This is the second offering of bonds under a EUR 25 million bond programme approved by the Bank of Lithuania on 17 June 2025. The REFI Sun bonds were distributed to retail and institutional investors in the Baltics from 13 October to 24 October. 

REFI Sun completed a first EUR 15 million bond placement to retail and institutional investors in the Baltics in mid-August this year.  

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 100 million in acquisition and construction of the projects as of October 2025. Construction of all the solar parks should be completed by the end of 2027. 

To date INVL Renewable Energy Fund I has raised EUR 93.98 million from investors through investment units and bonds issued by its controlled companies. 

About the INVL Renewable Energy Fund I  

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