Distribution of REFI Sun's 7,5%-8,5% yield bond issue managed by INVL Renewable Energy Fund I is nearing completion
INVL Asset Management, the leading alternative asset manager in the Baltic States, will complete the distribution of its INVL Renewable Energy Fund I, which invests in renewable energy projects, to private and institutional investors in the Baltic States next Monday, August 18, at 2:30 p.m.
REFI Sun aims to raise up to EUR 15 million through bonds with a maturity of 2.5 years. The bonds will be used to finance and refinance renewable energy projects in the high-growth markets of Poland and Romania. Here, the fund is developing a portfolio of solar power plant projects with a capacity of 389 megawatts (MW).
"The Lithuanian bond market is encouraging investors with its activity and maturity. This is one of the main reasons why REFI Sun is distributing bonds in Lithuania and other Baltic countries. In turn, REFI Sun bonds offer investors the opportunity to diversify their investments geographically, as the proceeds are invested in renewable energy projects in Poland and Romania managed by INVL Renewable Energy Fund I (REFI). The REFI project portfolio in these markets is at an advanced stage, and the Polish and Romanian markets offer developers greater opportunities to sell electricity to a wider range of consumers and on more favorable terms than in the Baltic countries," says Linas Tomkevičius, partner at INVL Renewable Energy Fund I.
The bond program approved by the Bank of Lithuania stipulates that the fund-managed company may issue non-convertible, euro-denominated bonds with a maturity of 2.5 years. INVL Renewable Energy Fund I provides a guarantee to all holders of these REFI Sun bonds.
In February 2025, INVL Renewable Energy Fund I company REFI Energy successfully distributed a public issue of EUR 8 million bonds, which pay 8% annual interest. Demand for the bonds exceeded the issue size by 1.7 times, which demonstrates the high level of investor confidence in the fund's management team and strategy.
The fund is investing in eight solar power plant projects in Romania with a total capacity of 356 MW. Solar park projects with a capacity of more than 32 MW are being developed in Poland. The fund's total investments in Romania and Poland are expected to exceed €250 million. The construction of all solar parks is planned to be completed by the end of 2027.
Currently, INVL Renewable Energy Fund I has attracted EUR 73.9 million from investors through investment units and issued 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.
About Invalda INVL group
Invalda INVL is the leading Baltic asset management group with a track record spanning over 30 years. The group’s companies manage or have under supervision more than EUR 1.9 billion of assets across multiple asset classes including private equity, forests and agricultural land, renewable energy, real estate as well as private debt. The group’s scope of activities also includes family office services in Lithuania, Latvia and Estonia, management of pension funds in Latvia, and investments in global third-party funds.
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