INVL Renewable Energy Fund I plans public bond offering via REFI Sun in near future
The INVL Renewable Energy Fund I managed by INVL Asset Management, the leading alternative asset manager in the Baltics, plans a public offering of bonds in the near future through REFI Sun, a company it owns. The bonds will be offered to retail and institutional investors in the Baltic countries.
The Bank of Lithuania has approved the base prospectus for a EUR 25 million programme of REFI Sun bonds. The programme envisages that the company, which is owned by the fund, may issue of non-convertible euro-denominated bonds with a maturity of up to 2.5 years. The INVL Renewable Energy Fund I would provide guarantees to all holders of the REFI Sun bonds.
“The bond programme provides us with an avenue to diversify our sources of debt capital and raise funds for construction work on renewable energy projects in Romania and Poland,” says Liudas Liutkevičius, Managing Partner of the INVL Renewable Energy Fund I.
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 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. 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 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.
Important notice
This is an informational marketing communication, which does not and cannot be construed as an offer to purchase units of a collective investment undertaking, bonds, or other securities, nor as an investment recommendation or investment research, as it has not been prepared with regard to the investment objectives, financial situation, or needs of any particular individual investor.
The information presented in this notice is intended solely for general understanding and should not be considered complete or exhaustive. No person may rely on the information provided herein for any purpose, nor on its accuracy, correctness, or completeness. The content of this communication should not be construed as legal, financial, or tax advice.
This communication is not an offer to sell or a solicitation to buy any securities in any jurisdiction, nor is it a prospectus within the meaning of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017. Any subscription or acquisition of the securities referred to in this communication – i.e., bonds – may be carried out solely on the basis of the information provided in the offering prospectus. The information in this communication is subject to change. Before subscribing for or acquiring any bonds, persons reading this communication should ensure that they fully understand and accept the risks outlined in the Prospectus. Under no circumstances should any person rely on the information in this communication or on its accuracy or completeness.
This communication does not constitute and should not be construed as advice or an offer to accept any offer to subscribe for any bonds or other securities. Neither this communication (nor any part thereof) nor its distribution should form the basis of or be relied upon in connection with any contract relating thereto. This communication is not a recommendation in relation to any potential offer. Persons considering an investment should consult an authorized/licensed person who specializes in providing investment advice. Investments related to this communication may involve a significant risk of loss of the entire invested amount. The value of bonds may both decrease and increase. Potential investors should consult their financial or other advisers on the suitability of any potential offer to them.
