Romania's CIS Group to build 23-MW solar park at home
Sep 19, 2024 9:59 CESTRenewable energy investment vehicle INVL Renewable Energy Fund I has obtained EUR 4.5 million (USD 4.8m) from its maiden public bond sale in Lithuania aimed at supporting the construction of its European solar projects.
The fund run by Lithuania’s INVL Asset Management said on Tuesday that the offering was carried out by its subsidiary REFI Energy. The transaction was oversubscribed by 1.5 times, attracting bids from more than 250 institutional and retail investors.
The fixed-rate bonds, with a yield of 10% and maturity in two years, were marketed among Lithuanian investors. The deal was managed by local commercial lender Siauliu Bankas.
INVL Renewable Energy Fund I has a portfolio of development projects in the Polish and Romanian markets, of which 451 MW in the Balkan country and 33 MW in Poland. Preparations for construction are getting underway in both countries, with the overall investment in the portfolio estimated at up to EUR 350 million.
Specific details about the photovoltaic (PV) schemes that will benefit from the fresh capital were not available in the press statement.
The latest funding comes on the heels of a private bond offering that provided INVL with EUR 3.5 million. Following the latest deal, the renewable energy fund has expanded to EUR 65.9 million in size.
(EUR 1.0 = USD 1.075)
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