Bond terms for REFI Blue’s refinancing
A company linked to Lithuania’s INVL Asset Management has launched a public bond offering to refinance short-term debt tied to a solar power project in southwestern Romania. The issuing entity is REFI Blue, which is owned by INVL Renewable Energy Fund I. The bond sale targets gross proceeds of €10 million.
The funds are intended to refinance financing for a 60 MW solar power plant in Dolj County. The facility has been completed and connected to the electricity grid, with electricity supply under operational testing. Final licensing procedures are still ongoing .
Maturity, pricing range and investor access
The bonds are scheduled to mature on 22 December 2028. The final yield is expected to be in the 8–9% range, with the exact level set through an auction process. The minimum investment is set at €1,000.
The offering period runs from 27 May to 17 June. It is open 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 .
Guarantee and role of Artea Bank
The transaction is backed by a guarantee from INVL Renewable Energy Fund I. Artea Bank is serving as lead arranger and distributor for the bond offering. The company states that the Romanian solar facility covers around 67 hectares.
INVL Renewable Energy Fund I also develops renewable energy projects across Romania and Poland. Its combined project pipeline totals approximately 389 MW. During operational testing, the Dolj solar plant is already supplying electricity while licensing work continues .
