A company, managed by INVL Renewable Energy Fund I, has raised EUR 3.5 million for the construction of solar plants in Poland

REFI Energy, a company of INVL Renewable Energy Fund I managed by INVL Asset Management, a fund investing in renewable energy projects, has raised EUR 3.5 million for the construction of solar power plants in Poland.

REFI Energy has raised funds for renewable energy development projects in the neighbouring country through a private placement of 2-year 9.5% fixed-rate bonds to institutional and private investors.

“We will use investor funds to finance the construction of the solar parks we have started in Poland. Investors’ trust in our fund and renewable energy investments will allow us to implement the planned projects,” says Liudas Liutkevičius, Managing Partner of INVL Renewable Energy Fund I.

INVL Renewable Energy Fund I is developing the solar projects totalling more than 33 megawatts (MW) in Poland. The money entrusted to the Fund by investors will be used to further develop the 14-MW solar plants that have reached the ready-to-build stage. The Fund expects these plants to be built over this year and the year 2024.

“The bond issue of the company managed by INVL Renewable Energy Fund I focuses on renewable energy. Growing interest in sustainable investments, the confidence expressed by market participants in the bond issuer and attractive returns are the main reasons for its success.

Rising interest rates and volatility in some sectors will continue to encourage investors to look for alternative investment opportunities, greater diversification and sustainable and long-term solutions. It is good to see that more and more projects are emerging in Lithuania that contribute to the opportunity for investors to spread their investments across different sectors. This is especially important in our market, where a large part of investments, in one format or another, is directed to the real estate market”, says Tomas Varenbergas, Director of the Markets and Treasury Department of Šiaulių Bankas.

Šiaulių Bankas was the coordinator and leading manager of this bond issue, while the law firm TGS Baltic acted as legal advisors.

INVL Renewable Energy Fund I is currently focusing on the Polish and Romanian markets, where the Fund managers see big growth potential. In these markets, due to specifics of the electricity generation balance, new electricity generation capacities are needed, and their governments are supporting the expansion of renewable energy. The Fund’s portfolio of projects in development has a total capacity of over 470 MW and has already raised EUR 61.4 million from investors.

Renewable energy is an attractive asset class from an environmental, economic and energy independence perspective. Investing in the Fund gives investors a chance to diversify their assets geographically, earn an attractive return on investment, and contribute to climate change mitigation.

Important notice

This is a marketing communication of informative nature, which is not and may not be construed as an offer to buy units, bonds or other securities of a collective investment undertaking, an investment recommendation or an investment research, as it is not designed to take into account the investment objectives, financial situation or needs of any individual investor. 

When investing, investors assume the risk associated with the investment. The value of investments can both rise and fall, and an investor may recover less than he/she/it has invested. Past investment results do not guarantee the same results or profitability in the future. Past performance is not a reliable indicator of future performance. Before making a decision to invest, a potential investors should, on their own or with the help of investment advisers, assess the suitability of the investment for them along with the taxes and fees related to the investment, consider all the risks related to the investment, and carefully read the rules, prospectus and other documents of the respective collective investment undertaking.

Units of INVL Renewable Energy Fund I, the collective investment undertaking, mentioned in this press release may only be distributed to informed investors as defined in the Law on Collective Investment Undertakings for Informed Investors of the Republic of Lithuania, as amended and supplemented from time to time, and may not be distributed and transferred to any other clients.

About the INVL Renewable Energy Fund I

The INVL Renewable Energy Fund I was established on 20 July 2021 by INVL Asset Management as a sub-fund for informed investors. It invests in early- and mid-stage renewable energy projects (solar and wind), including the construction of new power plants, the development and/or acquisition of the infrastructure necessary for the operation of power plants, and effective management of existing power plants in the European Union and member states of the European Economic Area. 

INVL Asset Management is part of INVL, the leading Baltic investment management and life insurance group.

About the INVL group 

INVL is the leading investment management and life insurance group in the Baltic region. Its companies manage pension and mutual funds and life insurance directions, individual portfolios, private equity, and other alternative investments. Over 300,000 clients in Lithuania, Latvia and Estonia and international investors have entrusted the group’s companies with the management of more than EUR 2 billion of assets. In the business for more than 30 years now, the group has solid experience in managing private equity assets and building market players that are leaders in their respective fields in the Baltic countries and Central and Eastern Europe.