INVL Renewable Energy Fund I's REFI Energy has successfully issued an €8 million bond, significantly oversubscribed, to fund renewable energy projects in Romania and Poland.

Target Information

REFI Energy, a subsidiary of the INVL Renewable Energy Fund I, has successfully issued a public bond offering of €8 million. The demand for these bonds exceeded the supply by 1.7 times, attracting interest from 445 private and institutional investors across the Baltic region. The total value of submitted applications reached €13.4 million, with a total of 668 investors participating in the offering. This overwhelming response enabled REFI Energy to establish an annual interest rate of 8%—the midpoint of the auctioned range of 7.5% to 8.5%.

The funds raised will be utilized to refinance earlier issued bonds and support the construction of solar power plant projects in Romania and Poland, as stated by Liudas Liutkevičius, managing partner of INVL Renewable Energy Fund I.

Industry Overview

The renewable energy sector has been gaining significant traction in Europe, especially in the Baltic region. Various governments are increasingly investing in sustainable energy solutions as they seek to reduce carbon footprints and