REFI SUN

Guarantor - Fund
The fund – INVL Renewable Energy Fund I - was established in accordance with the Law on Collective Investment Undertakings for Informed Investors of Lithuania.
Fund investment product
Renewable energy facilities generating long-term cash flows.
Duration of the fund
7 years in total (until August 2028), with possibility to extend for 2 years
(until August 2030).
Investment period - until August 2025.
Investment strategy
Acquisition of renewable energy projects in early and advanced greenfield stage;

Project development to electricity generation;

Exit by selling operating facilities as low-risk investment products to end users, investment funds and independent power producers.
Geography
EU and NATO countries, with a focus on Romania and Poland.
EU and NATO countries, with a focus on Romania and Poland
INVL Asset management team with over 30 years of investment management experience and >€1.9 bn asset under management.
Leverage
Target LTV - 70% of asset value.
Construction financing
182 MWp (out 389MWp) projects have secured financing from international banks including EBRD.
175 MWp – in process of securing bank financing.
32 MWp – construction financed using Fund equity and bonds.
Fund portfolio
Poland – 33 MWp | 17MWp – operating, 16 MWp operating by 2026 Q3| CfD hedge – 29.9 MWp.

Romania – 356 MWp | 51MWp – operating, 60 MWp operating by 2025 Q4, 71 MWp operating by 2026 Q3, 174 MWp operating by 2027 Q3.
Sale Process
Polish portfolio – received and accepted NBO, preparing for due diligence.

Romanian portfolio – received and accepted NBO. Portfolio due diligence.

Key investment highlights

Experienced management team with proven track record

• Fund Partners have participated in over EUR 300 million transactions in CEE region.

• Invalda INVL Group investments through REFI and other funds in Romania alone reaches over EUR 400 million.

Mature target markets

• Established CfD schemes enable predictable cash flows and strong exit liquidity compared to Baltic region.

• Electricity prices remain 10-20% higher during 2024-2025 in Poland and Romania compared to Baltic markets.

Sale of project portfolio in progress

• Romanian portfolio is undergoing due diligence with a potential buyer, targeting exit at commercial operation date.

• Polish portfolio has received and accepted non-binding offer; portfolio is under preparation for due diligence process.

Portfolio income hedge

• 90% of the Polish portfolio's revenue is secured by government-backed, 15-year indexed CfD contracts, ensuring stable, inflation-linked returns.

• Several Romanian portfolio projects are in the process of securing PPA contracts.

Secured construction financing

• Over EUR 78 million in construction financing secured from EBRD and top-tier lenders for 3 Romanian projects; the fourth project is in advanced term sheet phase, supporting full pipeline execution.

Key terms & subscription of the bonds issuance

ISSUER

UAB REFI Sun

SECURITIES

Ordinary, secured fixed-rate Bonds

ISIN CODE

LT0000134702

ISSUE SIZE

Up to EUR 25.000.000 (inclusive)

SIZE OF THE FIRST TRANCHE

15.000.000 EUR

TYPE OF PLACEMENT

Public offering in Lithuania, Latvia and Estonia

SECURITY

Bonds will be unconditionally and irrevocably guaranteed by INVL Renewable Energy Fund I

NOMINAL VALUE AND ISSUE PRICE

EUR 1.000

TOTAL NUMBER OF BONDS TO BE ISSUED BY THE ISSUER

Up to 25.000 (inclusive)

USE OF PROCEEDS

Re-finance existing loans of the Group companies as well as to finance the construction of 10 MW PV project in Poland

TRANCHE 1 SUBSCRIPTION PERIOD

28 July 2025 – 15 August 2025

ISSUE DATE

19 August 2025

MATURITY DATE

19 February 2028

ANNUAL INTEREST RATE AND CALCULATION

[7.5%-8.5%] percent per year, interest is calculated daily in euros from the nominal value of the Bonds, taking into account the (act/365) calculation method. For the purpose of calculating and paying interest for the relevant period of the previous period, the date on which the interest is to be paid shall not be included in the calculation

PAYMENT OF INTEREST

Interest payment days are November 19, Feburary 19, May 19, August 19 of each year.

If interest payment day happens to be non-business day, interest is paid next working day. The right to receive the interest shall be held by the Bondholders (according to Nasdaq CSD) three business days before the relevant payment date.

EARLY REDEMPTION

Full or partial call on the initiative of the Issuer.

The Redemption Price shall be equal to the Nominal value of the Redeemable Bonds and interest accrued on the Redeemable Bonds together with the premium if such is applied.
The amount of the early redemption premium will depend on the Early Redemption Date:
Between 6-12 months from First Issue Date: 1.00%;
After 12 months from First Issue Date: 0.00%;
For sake of clarity, Early Redemption may occur on any day after 6 months of First Issue Date with 14-day notice period.
2% premium on redemption by the Issuer after at least 75% of Bonds are redeemed upon Bondholders exercising their early redemption right (put option).

TRUSTEE

UAB Audifina

LEAD MANAGER AND BOOKRUNNERS

AB Artea bankas, AS LHV Pank, AS Signet Bank, UAB FMĮ Evernord

SETTLEMENT AGENT

AB Artea bankas

LEGAL ADVISOR

Lawfirm Sorainen and Partners

LISTING

Mandatory listing on Nasdaq First North within 3 months of Bond issue

LEAD MANAGER CONTACTS (FOR BONDS SUBSCRIPTION)

Information about the distribution of the Bond issue will be provided via:

AB Artea bankas: e-mail broker@artea.lt, or by phone: +370 52 103 354;

AS LHV Pank: e-mail ib@lhv.ee, or by phone: +372 56 206 450
AS Signet Bank: e-mail investmentbanking@signetbank.com, or by phone: +371 62 102 911
UAB FMĮ Evernord: e-mail vismante.sepetiene@evernord.com, or by phone: +370 68 668 382

KEY UNDERTAKINGS (COVENANTS) OF THE COMPANY

As long as any Bond remains outstanding, the Issuer undertakes to comply with the following:

1. Negative borrowing (the Issuer cannot borrow additionally from unrelated parties);
2. Negative pledge (the Issuer cannot pledge its directly owned assets);
3. Change of Control (if INVL Renewable Energy Fund I ceases to own, directly or indirectly, at least 50% + 1 share in the Issuer’s share capital, the Bondholders may exercise Put Option);
4. Disposal of Assets (the Issuer cannot dispose the Assets if such transaction would have a material adverse effect);
5. Reporting obligations (the Issuer must report its and the Guarantor’s annual and semi-annual financial reports).
6. Nature of Business - no substantial changes to the business of the Issuer and the Guarantor.

Timeline

  • Start of Offering 28 July 2025
  • End of Offering 15 August 2025
  • Announcement of Results 19 August 2025
  • Settlement Date 19 August 2025
  • Bond Maturity Date 19 February 2028

Financial information and statements

ACTIVITY OVERVIEW FOR 2024 AND FINANCIAL STATEMENTS FOR THE YEAR 2024 REFI SUN FINAL TERMS PROSPECTUS SUMMARY EN PROSPECTUS SUMMARY LV
Rodyti daugiau

Frequently asked questions

The bonds are ordinary, secured fixedrate bonds issued by a private entity – REFI Sun and unconditionally and irrevocably guaranteed by INVL Renewable Energy Fund I, a fund actively investing in renewable energy assets in Central and Eastern Europe.
The offering is a public placement open to investors in Lithuania, Latvia, and Estonia.

  • Total programme size: Up to EUR 25,000,000 (25,000 bonds with a nominal value of EUR 1,000 each).

  • First tranche: Up to EUR 15,000,000.

  • First tranche subscription period:28 July 2025 09:00 – 15 August 2025 15:30, Vilnius time.

  • Issue date:19 August 2025.
    You must submit your subscription order through one of the lead managers before the end of the subscription period.

1. Choose a distributing bank or investment firm:

  • AB Artea bankas – broker@artea.lt, +370 52 103 354

  • AS LHV Pank – ib@lhv.ee, +372 56 206 450

  • AS Signet Bank – investmentbanking@signetbank.com, +371 62 102 911

  • UAB FMĮ Evernord – vismante.sepetiene@evernord.com, +370 68 668 3822.

2. Fill in the subscription order and transfer the required funds (minimum EUR 1,000).

3. Orders are processed during the subscription period, and you will receive confirmation after allocation.

19 February 2028. Unless redeemed early, the issuer repays the principal in full on this date.

No, issuer will not extend the term of the bonds. The existing bonds would be refinanced by issuance of new bonds and investors would be able to decide if they want to acquire new bonds.

  • Annual coupon: 7.5% – 8.5% per year (final rate set by the auction).

  • Interest calculation method: actual/365 on the nominal value.

  • Interest payment dates: 19 February, 19 May, 19 August, 19 November each year.

  • Record date: Bondholders registered 3 business days before the payment date receive interest.

Example:

If you buy 10 bonds (EUR 10,000 nominal) and the coupon is set at 8.0%, your annual interest is EUR 800, paid quarterly (~EUR 200 per payment).

The bonds are secured by assets of the issuer and guaranteed by INVL Renewable Energy Fund I, a well-established fund with a portfolio of renewable energy projects. This means that if the issuer fails to meet obligations, the guarantor is legally bound to fulfill them.

Proceeds will be used to:

  • Refinance existing loans of the Group companies, and

  • Finance construction of a 10 MW photovoltaic (PV) project in Poland.The PV project is expected to contribute to stable cash flows supporting interest and principal payments.

Issuer’s call:

  • Possible after 6 months from the issue date, with 14 days’ notice.

  • Redemption price: nominal value + accrued interest.
    - If redeemed between months 6–12: +1.00% premium.
    - If redeemed after 12 months: no premium.

Bondholder’s put option:

  • If at least 75% of the bonds are redeemed (via bondholder put option), remaining bonds redeemed by the issuer include a 2% premium.

Example:

If you hold EUR 10,000 nominal and the issuer calls after 8 months:

  • You receive EUR 10,000 + EUR ~533 interest (8 months at 8%) + EUR 100 premium (1%).

The issuer has agreed to:
Negative borrowing – no additional borrowing from unrelated parties.
Negative pledge – no pledging of directly owned assets.
Change of control protection – if INVL Renewable Energy Fund I ceases to own 50% + 1 share, investors may exercise put option.
Restriction on asset disposals – no asset sales that would materially harm the issuer’s ability to meet obligations.
Reporting obligations – annual and semi-annual reports of issuer and guarantor.
Business continuity – no material changes to the nature of business.

On Nasdaq First North within 3 months of issue. This listing facilitates potential secondary market trading, though market liquidity cannot be guaranteed.

All investments carry risks. Key risks include:

Credit risk: The issuer or guarantor might default. Mitigated by the guarantee and security.
Market/interest rate risk: Bond prices may fluctuate if market rates rise or fall.
Liquidity risk: While bonds will be listed, trading volumes may be limited.
Early redemption risk: Bonds may be redeemed before maturity, possibly reducing expected returns.
Project risk: Unexpected construction or operational issues could impact cash flow.
Regulatory risk: Changes in laws or taxes affecting returns.For a full description, please refer to the official prospectus.

  • Nominal value per bond: EUR 1,000.

  • Minimum investment: EUR 1,000 (one bond).Subscriptions should be in multiples of EUR 1,000.

  • Trustee: UAB “Audifina” (acts on behalf of bondholders).

  • Lead managers/bookrunners: AB Artea bankas, AS LHV Pank, AS Signet Bank, UAB FMĮ Evernord.

  • Settlement agent: AB Artea bankas.

  • Legal advisor: Sorainen and Partners.

Attractive fixed interest rate (7.5%–8.5%).
Backed by an experienced renewable energy fund.
Public offering with planned listing on Nasdaq First North.
Covenants and guarantees providing investor protection.
Direct contribution to green energy infrastructure in the region.

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Informacija nebuvo parengta atsižvelgiant į jokius konkrečius investavimo tikslus, finansinę situaciją ar individualius poreikius. Ji pateikiama tik bendro pobūdžio informaciniais tikslais ir neturėtų būti laikoma išsamia, tiksli ar atnaujinta informacija, taip pat pakankama kaip

pagrindas priimti investicinius ar kitus sprendimus. Joks asmuo neturėtų remtis šiame puslapyje pateikta informacija. Informacija gali būti keičiama be atskiro įspėjimo.

Ši informacija nėra vertybinių popierių platinimo pasiūlymas ar kvietimas pirkti vertybinius popierius jokioje jurisdikcijoje, taip pat tai nėra prospektas, kaip jis apibrėžiamas 2017 m. birželio 14 d. Europos Parlamento ir Tarybos reglamente (ES) 2017/1129. Bet koks šiame puslapyje nurodytų vertybinių popierių – pavyzdžiui, obligacijų – pasirašymas ar įsigijimas gali būti vykdomas tik remiantis oficialiame siūlymo prospekte pateikta informacija. Prieš pasirašydami ar įsigydami obligacijas, asmenys turėtų atidžiai susipažinti su prospekte pateikta rizikos informacija ir ją įvertinti.

Jokia čia pateikta informacija nėra ir negali būti laikoma rekomendacija ar teisine, finansine, investicine ar mokesčių konsultacija. Nei ši informacija (ar jos dalis), nei jos platinimas negali būti pagrindas sudaryti kokią nors sutartį ar būti laikoma pagrindu investiciniam sprendimui. Prieš priimdami bet kokį investicinį sprendimą, potencialūs investuotojai turėtų pasitarti su kvalifikuotu ir leidimą teikti investavimo konsultacijas turinčiu patarėju.

Investicijos į obligacijas ar kitus vertybinius popierius gali būti susijusios su didele rizika, įskaitant visos investuotos sumos praradimą. Tokios investicijos vertė gali tiek mažėti, tiek didėti. Prieš priimdami sprendimą investuoti, potencialūs investuotojai turėtų įvertinti investicijos tinkamumą atsižvelgdami į savo asmeninę situaciją, geriausia – pasikonsultavę su finansų ar kitu profesionaliu patarėju.

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