INVL Fund Company REFI Blue Raised EUR 12 Million Through Public Bond Issuance – EUR 2 Million More Than Planned
REFI Blue, a portfolio company of the INVL Renewable Energy Fund I — a fund investing in renewable energy projects under the leadership of INVL, the leading alternative asset manager in the Baltic states — has successfully placed a EUR 12 million public bond issuance. During the placement, demand exceeded the initial EUR 10 million bond offering.
“We are grateful to our investors for their trust. The capital raised will allow us to optimize the financing structure for one of our flagship projects under development in Romania. With these funds, we will refinance short-term loans, thereby strengthening the financial foundation for continued successful growth. This is a significant milestone in executing the fund’s strategy and ensuring the sustainable expansion of renewable energy projects,” says Liudas Liutkevičius, Managing Partner of INVL Renewable Energy Fund I.
Interest rates were set by auction in the range of 8–9 percent and were ultimately fixed at 9%. Interest on these bonds will be paid to investors on a monthly basis. The bonds are backed by a guarantee from the INVL Renewable Energy Fund I fund. The minimum investment amount was set at EUR 1,000. The bonds are scheduled for redemption on January 3, 2029.
The bonds were placed under the fund’s bond program approved in May 2026. Previously, in 2025, fund company REFI Sun successfully placed EUR 25 million worth of bonds in several tranches, earmarked for financing solar park development in Poland and Romania.
The lead arranger and distributor of the bond issue was Artea Bank. The issuer’s Certified Adviser on the First North alternative securities market was the law firm Ellex Valiūnas, while the bondholders’ trustee was Audifina. The debt securities are being admitted to the First North market, operated by Nasdaq Vilnius, effective July 3.
INVL Renewable Energy Fund I focuses its operations on the Polish and Romanian markets, where the fund’s managers see significant growth potential in renewable energy. The fund’s total development project portfolio across these markets stands at 389 megawatts (MW) of capacity.
In Romania, the fund has invested in four solar power plant projects with a combined capacity of 356 MW. Total fund investments in Romania are expected to exceed EUR 250 million. Construction of all solar parks in Romania is planned for completion by the end of 2028.
In March, the fund signed an agreement for the sale of its entire 33.3 MW solar power plant portfolio in Poland. The transaction is being executed through a forward sale arrangement — with the price locked in at the time of signing and the final transfer of ownership to take place upon completion and commissioning of the parks. Following the signing of the agreement, the fund immediately sold 14 MW of already operational projects.
INVL Renewable Energy Fund I has raised EUR 57.9 million in equity capital, and all contractual obligations to investors are being fulfilled on schedule.
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 EUR 2.1 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.
