The INVL Renewable Energy Fund I managed by INVL Asset Management, the leading alternative asset manager in the Baltics, will start the public offering of an EUR 8 million bond issue on 4 February through REFI Energy, a company it owns. The bonds will be offered to private and institutional investors in the Baltic countries. The proceeds will go to refinance previously issued bonds.
The bond issue has a maturity of 2.5 years. The fixed interest rate on the debt securities will be set in the range of 7.5% to 8.5% and announced at completion of the offering. Interest will be paid quarterly to investors. The INVL Renewable Energy Fund I will provide guarantees to all holders of the bonds.
“The fund continues actively developing renewable energy projects – the construction of solar power plants – in Romania and Poland. A successful offering of the new bonds will allow us not only to carry out the planned projects but also to reduce debt costs by refinancing bonds issued in 2023,” says Liudas Liutkevičius, Managing Partner of the INVL Renewable Energy Fund I.
The bonds of the company owned by the INVL Renewable Energy Fund I will be offered to investors from 4 February until 1 p.m. on 17 February. The manager and distributor of the public bond offering is Šiaulių Bankas. The certified advisor to the issuer is the law firm TGS Baltic, while the bondholders’ trustee is the company Audifina. Within 3 months of the completion of the offering, the debt securities will be listed on the First North alternative securities market operated by Nasdaq Vilnius.
More details about the bonds issue and the offering process are available at www.invlrenewable.com in the section for Investors relations.
An online webinar for investors and question-and-answer session will be held on 10 February at 10 a.m. The link to the presentation is here. The presentation will be held in English.
The fund’s company REFI Energy raised EUR 3.5 million from investors in late June 2023 in a private placement of 2-year 9.5% fixed-rate bonds. In September of the same year, the company entered the public bond market and raised EUR 4.5 million in a public offering of bonds with the same maturity. Those bonds, offered only in Lithuania, have a yield of 10%. Both issues were carried out under the General Terms and Conditions for EUR 8 million of REFI Energy Bonds.
The INVL Renewable Energy Fund I is focusing on the 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 388 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 of capacity. Investments in the projects in Romania and Poland are expected to exceed EUR 258 million. Construction of all the solar parks in those countries should be completed by the end of the first quarter 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 1.6 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 a marketing communication of an information nature, which is not and shall not be construed as an offer to purchase investment units of a collective investment undertaking, an investment recommendation, or investment research, as it is not designed to take into account the investment objectives, financial situation, or needs any individual investor.
When investing, the investors assume the risk associated with the investment. The value of investments can both rise and fall, and an investor may recover less than he/she/it has invested. Past investment results do not guarantee the same results or profitability in the future. Past performance is not a reliable indicator of future performance. Before making a decision to invest, potential investors should, on their own or with the help of investment advisers, assess the suitability of the investment for them along with the taxes and fees related to the investment, consider all the risks related to the investment, and carefully read the rules, prospectus and other documents of the respective collective investment undertaking.
The units in collective investment undertaking specified in this press release may be distributed in Lithuania only to informed investors, as defined in the Republic of Lithuania Law on Collective Investment Undertakings Intended for Informed Investors, as amended and supplemented, and may not be distributed or transferred to any other persons who do not have the status of an informed investor (client).
INVL and Šiaulių bankas merged their retail services as of 1 December 2023.
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INVL and Šiaulių bankas merged their retail services as of 1 December 2023.