Nasdaq Welcomes Refi Green to the Baltic First North Market

13.11.2025 RIG, TLN, VLN

Vilnius/Riga/Tallinn, Nasdaq Baltic Market, November 13, 2025 – Nasdaq (NDAQ) announces that the Nasdaq Vilnius Stock Exchange has admitted bonds of Refi Green, a company managed by INVL Renewable Energy Fund I, to trading on the Nasdaq Baltic First North market.

Through a private bond placement, Refi Green raised EUR 8 million. Each bond has a nominal value of EUR 1,000, an annual interest rate of 8.5%, payable quarterly. The bond term is 2 years, with a redemption date of November 5, 2027.

“We are pleased to see the third bond issue from a company managed by INVL Renewable Energy Fund I admitted to trading on the Nasdaq Baltic First North market. This reflects the increasing activity of companies managed by the fund and the market’s attractiveness,” said Gediminas Varnas, President of Nasdaq Vilnius.

“Investor interest shows that the chosen strategy to invest in renewable energy is attractive to capital market participants. The funds raised will allow the completion of renewable energy projects managed by the fund and contribute to the region’s energy security and green transformation,” said Liudas Liutkevičius, Managing Partner of INVL Renewable Energy Fund I.

INVL Financial Advisors, operating as INVL Family Office in Lithuania, was the main bond distributor. Evernord (Lithuania), LHV Bank (Estonia), and Signet Bank (Latvia) served as partners. TEGOS is the issuer’s certified adviser, and UAB Audifina acts as the bondholders’ trustee.

About INVL Renewable Energy Fund I
Established in 2021 by INVL Asset Management, this sub-fund for informed investors invests in early and mid-stage renewable energy (solar) projects. These include building new power plants, creating or acquiring infrastructure necessary for their operation, and efficiently managing existing plants in EU and EEA member states. INVL Asset Management is part of Invalda INVL, the leading asset management group in the Baltics.

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Nasdaq Baltic represents the combined offering of the Nasdaq Tallinn, Nasdaq Riga, Nasdaq Vilnius securities exchanges as well as Nasdaq CSD. Read more: nasdaqbaltic.com

Media Contacts:

Eglė Juškaitė
Nasdaq Vilnius
Marketing and Communications Manager
egle.juskaite@nasdaq.com
+370 618 17811