Nasdaq Welcomes Sun Investment Group to the Baltic First North Market

13.12.2023 RIG, TLN, VLN

Vilnius/Riga/Tallinn, Nasdaq Baltic Market, December 13, 2023 – Nasdaq (NDAQ) announces that bonds issued by Sun Investment Group (SIG) were admitted to trading on the Nasdaq Baltic First North Bond List by Nasdaq Vilnius as of today.

The size of the Sun Investment Group (SIG) issue of bonds in total is EUR 5 million.The bonds have a nominal value of EUR 1,000 each, with annual coupon rate of 13% and interest paid semi-annually. The maturity of the bond issue is 12 months.The public offer was oversubscribed by 47%, amounting to EUR 7.36 million while investors from Lithuania and Estonia subscribed for the bonds.

“We are pleased that more and more Lithuanian renewable energy companies are taking advantage of the Baltic public capital market. We congratulate Sun Investment Group on the successful admission of its bond issue to trading on the Nasdaq Baltic First North market and wish the company further success in the development of its’ renewable energy projects in the future,” said Saulius Malinauskas, CEO of Nasdaq Vilnius.

Deividas Varabauskas, CEO of Sun Investment Group, says that the funds raised the bond issue will be used for working capital and the financing of international development of renewable energy projects.

“We are currently developing projects with a total capacity of more than 2.7 GW in several European countries – Lithuania, Poland and Italy. We chose a bond issue to finance their development. The interest, which has greatly exceeded the supply, shows that investors favourably assess Sun Investment Group’s operational strategy and projects under development. In turn, this gives us even more confidence in our own strength, enables us to consistently develop projects both in number and scope, and opens the prospect of using this method of financing in the future,” said Deividas Varabauskas.

Orion Securities is the organizer of Sun Investment Group bond issue, while the law firm TGS Baltic acted as legal advisor and is also the certified adviser for the company.

The SIG group of companies started its activities in 2017 and currently unites more than 100 professionals in Lithuania, Poland, Italy, and Spain. SIG’s portfolio currently consists of more than 2.7 GW, of which nearly 300 MW capacity are ready-to-build (RTB) projects. To this date, SIG has successfully developed, built, and sold more than 200 MW of solar power plants in Lithuania, Poland, and the UK. Since 2022, the company concentrated on increasing the number of projects under development, so the number of ready-to-build solar power projects has grown consistently. In 2024, SIG is preparing to build over 60 MW of solar power plants in Poland. These projects are expected to be sold to external buyers or held in the group’s ownership, generating long-term revenues from energy sales.

Nasdaq First North Market is tailored to support smaller, growing companies that want to raise capital and get the visibility and credibility of being a public company. For investors, First North offers an opportunity to invest in companies that are at an earlier stage of their growth.

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

Media contacts:

Birutė Jocaitė-Šliurpienė
birute.jocaitesliurpiene@nasdaq.com
+370 61546123