A company linked to Lithuania’s INVL Asset Management has launched a public bond offering aimed at refinancing short-term debt associated with a solar power project in southwestern Romania.
The issuing entity, REFI Blue, which is owned by INVL Renewable Energy Fund I, plans to raise €10 million through the bond sale. The proceeds will be used to refinance financing for a 60 MW solar power plant located in Dolj County, which has already been completed and connected to the electricity grid.
The bonds will mature on 22 December 2028, with the final yield expected to fall in the 8–9% range, to be determined via an auction process. The minimum investment has been set at €1,000, and the offering is open between 27 May and 17 June to both retail and institutional investors across the Baltic region. After issuance, the bonds are expected to be listed on the Nasdaq Vilnius First North market.
The transaction is backed by a guarantee from INVL Renewable Energy Fund I, while Artea Bank is serving as lead arranger and distributor. According to the company, the Romanian solar facility covers around 67 hectares and is already supplying electricity during its operational testing phase, while final licensing procedures are still ongoing.
INVL Renewable Energy Fund I is also active in developing renewable energy projects across Romania and Poland, with a combined project pipeline reaching approximately 389 MW of capacity.
