Core Insights - REFI Sun, part of the INVL Renewable Energy Fund I, successfully completed a public bond placement of EUR 15 million aimed at financing renewable energy projects in Poland and Romania [1][2][3] Group 1: Bond Offering Details - The bond offering raised EUR 15 million, with total demand reaching EUR 15.636 million from 567 investors [2][6] - The bonds have a 2.5-year maturity with an annual interest rate of 8.5%, payable quarterly, and a minimum investment amount of EUR 1,000 [6] - Institutional investors acquired 57.75% of the bonds, while retail investors received 42.25% [6] Group 2: Project Financing and Development - Proceeds from the bond will finance a portfolio of solar power projects with a total capacity of 389 MW in Poland and Romania [2][9] - The fund's total investments in these markets are expected to exceed EUR 250 million, with over EUR 90 million already invested as of June 2025 [9][10] - The construction of all solar parks is anticipated to be completed by the end of 2027 [9] Group 3: Market and Investor Confidence - The bond issuance reflects strong investor confidence in the fund's renewable energy initiatives in Poland and Romania [3][5] - The offering allows investors to diversify their portfolios while contributing to sustainable development goals [5] - Increased interest from institutional investors has been noted compared to previous bond offerings [3]

Core Viewpoint - INVL Renewable Energy Fund I is raising up to EUR 15 million through a bond offering by REFI Sun, targeting retail and institutional investors in the Baltic countries from July 28 to August 15 [1][4]. Group 1: Bond Offering Details - The bonds have a maturity of 2.5 years with a fixed interest rate expected to be between 7.5% and 8.5%, announced upon completion of the offering, and interest will be paid quarterly [2]. - The minimum investment amount for the bond offering is set at EUR 1,000 [4]. - The lead arranger for the bond program is Artea Bank, with participation from Evernord, LHV Pank, and Signet Bank as distribution partners [5]. Group 2: Fund's Investment Strategy - The funds raised will primarily refinance a previous loan and support the construction of solar power plants in Romania and Poland, where the fund sees significant growth potential [3][8]. - The total capacity of projects in development in Poland and Romania is 389 MW, with investments expected to exceed EUR 250 million [8][9]. - As of June 2025, the fund has invested over EUR 90 million in the acquisition and construction of solar projects, with completion expected by the end of 2027 [9]. Group 3: Fund Background and Performance - The INVL Renewable Energy Fund I was established on July 20, 2021, focusing on early- and mid-stage renewable energy projects in the EU and EEA [11]. - The fund has successfully raised EUR 73.9 million from investors through investment units and bonds to date [10]. - In February 2025, the fund's company REFI Energy completed an EUR 8 million bond offering with strong demand, indicating investor confidence in the fund's management [7].