The construction contracting company Eternia Solar, part of the regionally leading international renewable energy development group Sun Investment Group (SIG), has successfully completed the first tranche of its short-term bond issuance. Instead of the planned EUR 3 million, the company raised EUR 4.4 million, which will be used to finance the construction of a 120 MW solar power plant project in Poland. This is the first stage of an up to EUR 8 million bond program.
The issuer will exercise the right to increase the size of this tranche to EUR 4.4 million and fully satisfy demand.
The bonds are scheduled to be redeemed within 12 months, using the long-term project financing provided by international institutional investors.
The annual coupon rate is 10%, paid semi-annually, and the bond redemption date is December 23, 2026. The placement was organized by the investment services company Orion Securities and legal matters were advised by law firm TEGOS.
More than half of the amount, EUR 2.5 million, was lent to Eternia Solar by investors from Lithuania. Investors from Estonia contributed EUR 1.2 million, and investors from Latvia EUR 700 thousand. Both retail and institutional investors participated in the offering.
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