Nasdaq Welcomes REFI Energy to First North Bond Market

25.10.2023 RIG, TLN, VLN

Tallinn/Riga/Vilnius, Nasdaq Baltic Market, October 25, 2023 – Nasdaq (NDAQ) announces that bonds issued by REFI Energy were admitted to trading on the Nasdaq Baltic First North Bond List by Nasdaq Vilnius as of today.

REFI Energy is a company owned by INVL Renewable Energy Fund I, which is managed by INVL Asset Management and invests in renewable energy projects. REFI Energy raised in total EUR 8 million via two tranches of bond offerings. The first tranche of EUR 3.5 million was offered non-publicly in June this year and the second tranche was offered publicly in September. The public offer was oversubscribed by 1.5 times and more than 250 institutional and retail investors from Lithuania subscribed for the bonds.

The bonds have a nominal value of EUR 1,000 and the interest rate is fixed at 9.5% per year. The bonds have a maturity of up to 2 years with a right for REFI Energy to redeem them earlier, paying an additional 1% if redemption is 9-12 months before maturity, an additional 0.5% if redemption is 6-9 months before maturity, and no premium if redemption is within 6 months of the maturity date.

“We are happy to see a Lithuanian renewable energy company using the public capital market to raise money for financing their ambitious and environment-friendly business plan. At the same time, REFI Energy bond listing provides investors with an opportunity to invest in a company operating in the renewable energy sector,” said Saulius Malinauskas, CEO of Nasdaq Vilnius exchange.

“The listing of the bonds on the Nasdaq stock exchange is a significant event that shows investors’ confidence in the fund’s renewable energy investment strategy. Successful offering of bonds proves that Baltic capital market can be an efficient source for raising capital and provides the opportunity to reach a wider range of investors. The funds raised from investors will be used for the construction of solar power generation projects,” said Liudas Liutkevičius, Managing Partner of the INVL Renewable Energy Fund I.

Šiaulių Bankas was the organizer of the public bond issue, while the law firm TGS Baltic acted as legal advisor and is also the certified adviser for the company on the First North market.

REFI Energy is a special-purpose vehicle company created for the sole purpose of the issuance of bonds. INVL Renewable Energy Fund I is the sole shareholder of REFI Energy.

The INVL Renewable Energy Fund I 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.

The INVL Renewable Energy Fund I is investing in renewable energy projects with a focus on the Romanian and Polish markets. The fund is investing in projects with a total capacity of 33 megawatts (MW) in Poland and 451 MW in Romania. Investments in the fund’s portfolio of projects will total up to EUR 350 million, representing a major commitment to the development and promotion of clean energy.

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