REFI Sun bond issue

About REFI Sun

INVL Group, established in 1991, is recognized as a pioneer of private equity in the Baltic region, offering a diversified investment platform across Lithuania, Latvia, and Estonia, with a strong legacy of value creation in regional and international markets.

INVL Renewable Energy Fund I is a closed-end investment fund focused on long-term value creation through the development of renewable energy assets that generate consistent cash flows – the fund is structured for a 7-year term ending in August 2028, with an optional 2-year extension through August 2030.

The fund’s strategy focuses on acquiring early and advanced greenfield renewable energy projects, developing them to operation, and exiting by selling mature assets to institutional buyers.

The fund is no longer seeking new equity investments, instead, it will focus on managing the existing portfolio and preparing assets for exit. The active investment period ran until August 2025, during which the fund aimed to optimize returns through project-level leverage with a target Loan-to-Value (LTV) of 70%.

The fund has demonstrated solid financial health, having raised EUR 57.9 million in equity capital and reached a net asset value (NAV) of EUR 61.0 million, positioning it strongly for ongoing project development and asset monetization.

The Issuer targets to raise up to EUR 5m in the third tranche of the EUR 25m bond program.

The proceeds from the bond issuance will be used to refinance existing loans across the Group’s companies and for further development of the portfolio in Poland. 

Additional information

Term Sheet