A company, managed by INVL Renewable Energy Fund I, has raised EUR 3.5 million for the construction of solar plants in Poland

REFI Energy, a company of INVL Renewable Energy Fund I managed by INVL Asset Management, a fund investing in renewable energy projects, has raised EUR 3.5 million for the construction of solar power plants in Poland.

REFI Energy has raised funds for renewable energy development projects in the neighbouring country through a private placement of 2-year 9.5% fixed-rate bonds to institutional and private investors.

“We will use investor funds to finance the construction of the solar parks we have started in Poland. Investors’ trust in our fund and renewable energy investments will allow us to implement the planned projects,” says Liudas Liutkevičius, Managing Partner of INVL Renewable Energy Fund I.

INVL Renewable Energy Fund I is developing the solar projects totalling more than 33 megawatts (MW) in Poland. The money entrusted to the Fund by investors will be used to further develop the 14-MW solar plants that have reached the ready-to-build stage. The Fund expects these plants to be built over this year and the year 2024.

“The bond issue of the company managed by INVL Renewable Energy Fund I focuses on renewable energy. Growing interest in sustainable investments, the confidence expressed by market participants in the bond issuer and attractive returns are the main reasons for its success.

Rising interest rates and volatility in some sectors will continue to encourage investors to look for alternative investment opportunities, greater diversification and sustainable and long-term solutions. It is good to see that more and more projects are emerging in Lithuania that contribute to the opportunity for investors to spread their investments across different sectors. This is especially important in our market, where a large part of investments, in one format or another, is directed to the real estate market”, says Tomas Varenbergas, Director of the Markets and Treasury Department of Šiaulių Bankas.

Šiaulių Bankas was the coordinator and leading manager of this bond issue, while the law firm TGS Baltic acted as legal advisors.

INVL Renewable Energy Fund I is currently focusing on the Polish and Romanian markets, where the Fund managers see big growth potential. In these markets, due to specifics of the electricity generation balance, new electricity generation capacities are needed, and their governments are supporting the expansion of renewable energy. The Fund’s portfolio of projects in development has a total capacity of over 470 MW and has already raised EUR 61.4 million from investors.