INVL Renewable Energy Fund I completes its EUR 25 million bond issuance programme – raises EUR 1.167 million in the latest 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 its EUR 25 million bond programme. Following the placement of the fourth and final tranche, EUR 1.167 million was raised from retail and institutional investors across the Baltics, with demand almost four times exceeding supply.
“Investors have once again demonstrated their confidence in the fund and its renewable energy projects in Poland and Romania. The capital raised will enable us to continue successfully developing solar power plant construction and further strengthen the fund’s capital structure. We particularly value the involvement of institutional investors, as their trust underlines the high quality of our projects and their compliance with strict reliability standards,” says Liudas Liutkevičius, Managing Partner of INVL Renewable Energy Fund I.
The fourth tranche of bonds was offered to investors between 19 and 23 January.
A total of 302 investors acquired bonds in the latest issuance. The bonds, with a maturity of 2 years and 1 month, carry an annual interest rate of 8.5%, paid quarterly. INVL Renewable Energy Fund I has provided a guarantee for all holders of these REFI Sun bonds.
Of the bonds issued, 68.1% were purchased by retail investors, and 31.9% by institutional investors. The majority of funds were raised in Lithuania (63.24%), followed by Latvia (32.73%) and Estonia (4.03%).
The current fund portfolio comprises 17 solar parks in Poland and Romania with a total capacity of 389 megawatts (MW). Several of these parks are already generating electricity.
Through its bond issuances and investment units, INVL Renewable Energy Fund I has raised a total of EUR 98.935 million. The fund’s total planned investments in Romania and Poland will exceed EUR 250 million, with the construction of all solar parks scheduled for completion by mid-2028.
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.
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 2 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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