Eternia Solar, the EPC contractor of the internationally active renewable energy project development group Sun Investment Group (SIG), one of regional leaders, has successfully completed a €8 million short-term bond programme with an annual coupon of 10%.
Across both placement stages, demand exceeded supply by 47%. During the first stage in December, €4.4 million was raised compared to the planned €3 million. In the second stage, demand reached €5.3 million versus the planned €3.6 million.
The proceeds will finance the construction of a 120 MW solar power portfolio in Poland. Long-term project financing has been approved by international investors. This financing will be disbursed upon completion of construction works and used to redeem the bond issue within 12 months.
The placement was arranged and executed by the investment services firm Orion Securities, while legal counsel on the transaction was provided by the law firm TEGOS.
“Strong demand reflects investor confidence both in this project and in our operating model as well as team expertise. Construction across the project portfolio is progressing actively, and the first settlements from long-term investors have been confirmed. Interest was further supported by the fact that the project is being developed in Poland, where the renewable energy market is particularly dynamic,” said SIG Founder and CEO Deividas Varabauskas.
Of the total amount raised, 67% (€3.6 million) was invested by Lithuanian investors, €1 million by Latvian investors, and €718,000 by Estonian investors. Securities will be allocated on a pro rata basis according to the amounts invested.
“The attractiveness of this issue was driven primarily by the financing structure itself. The project is already in the construction phase, and the bonds act as a bridge to already approved long-term financing after construction, giving investors a clear, structured exit scenario. There is a strong regional appetite for sustainable, asset-backed financing solutions,” said Mykantas Urba, Head of Investment Banking at Orion Securities.
The 120 MW solar portfolio had already been assessed last year by international investors Berenberg and Amiral Gestion. In January, as planned, SIG signed a medium-term financing agreement with one of Germany’s largest public-sector banks, Nord LB, on more favorable terms for senior tranche than the previously received in the financial agreement with Berenberg. Investors conducted comprehensive financial, technical, and legal due diligence and approved the project financing, which will be disbursed in stages following completion of construction works.
“Institutional investors participate in projects of this type only after rigorous risk assessments. Their decision to finance the portfolio indicates that the project is of high quality, technically mature, and aligned with international standards,” the SIG CEO emphasized.
More than 50% of the project’s expected revenues during the first 15 years of operation are secured under long-term power purchase agreements and state support mechanisms. These factors substantially mitigate both development and commercial risks.
In December 2026, within 12 months from the first bond issuance stage and upon reaching significant construction progress across the power plant portfolio, funds from institutional investors designated to settle payments to Eternia Solar for completed construction works will be disbursed to the project owner. Revenues received by Eternia Solar will be used to redeem the bond issue.
Sun Investment Group is one of the leading solar project developers in Central and Eastern Europe. The group operates under a vertically integrated model, covering land preparation and permitting through to construction, operation, and technical maintenance. Over the course of its operations, SIG has developed more than 200 MW of operational solar capacity and is currently advancing a project pipeline exceeding 3 GW across several European countries, including Poland, Lithuania, and Italy.
“By operating in Poland and other European markets, we contribute to strengthening energy security and expanding renewable energy capacity. Our team creates long-term value that matters not only to investors but also to society,” said the SIG CEO.
Orion Securities recommends consulting with your financial advisor before making an investment decision and evaluating all risks related to securities (bonds) and/or any other circumstances that may be relevant to you.