Vilnius/Tallinn/Riga, Nasdaq Baltic Market, September 30, 2025 – Nasdaq (NDAQ) announces that as of today, Nasdaq Vilnius Stock Exchange has listed the bonds issued by REFI Sun, managed by INVL Renewable Energy Fund I, on the Nasdaq Baltic First North market.
Through a public bond offering in Lithuania, Latvia, and Estonia, the renewable energy company REFI Sun raised EUR 15 million. Each bond has a nominal value of EUR 1,000, with an annual interest rate of 8.5%, paid quarterly. The bond term is 2.5 years, with a maturity date of February 19, 2028.
The issuance attracted strong interest from both retail and institutional investors – demand exceeded supply and reached EUR 15.636 million. In total, 567 investors acquired the bonds: 42.25% were retail investors and 57.75% institutional investors from Lithuania, Latvia, and Estonia. The majority of funds (72.63%) were raised in Lithuania, followed by 14.52% in Latvia and 12.85% in Estonia.
The bonds were distributed by AB Artea Bank as the lead manager, with Evernord (Lithuania), LHV Bank (Estonia), and Signet Bank (Latvia) acting as distribution partners. The issuer’s certified advisor is the law firm Sorainen, and the bondholders’ trustee is UAB Audifina.
“This successful bond listing reflects the continued investor confidence in renewable energy investments across the Baltic region and contributes to the development of sustainable energy infrastructure in other countries,” said Gediminas Varnas, President of Nasdaq Vilnius.
“A public bond issuance on the exchange demonstrates investor trust in our efforts to develop renewable energy projects in Poland and Romania. The funds raised will support the expansion of our solar power network, strengthen the fund’s capital structure, and offer investors the opportunity to participate in a rapidly growing sector,” said Liudas Liutkevičius, Managing Partner of INVL Renewable Energy Fund I.
About INVL Renewable Energy Fund I
Established on July 20, 2021 by INVL Asset Management, the leading alternative asset manager in the Baltic States, INVL Renewable Energy Fund I is a sub-fund dedicated to informed investors. The fund invests in early and mid-stage renewable energy (solar) projects, which include the construction of new power plants, the creation and/or acquisition of infrastructure necessary for plant operation, and the efficient management of existing plants in European Union and European Economic Area member states.
INVL Asset Management is part of Invalda INVL, the leading asset management group in the Baltic States.
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Media Contacts:
Egle Juskaite
Nasdaq Vilnius
Marketing and Communications Manager
egle.juskaite@nasdaq.com
+370 618 17811