Nasdaq Welcomes REFI Energy to First North Bond Market

Tallinn/Riga/Vilnius, Nasdaq Baltic Market, October 25, 2023 - Nasdaq (NDAQ)
announces that bonds issued by REFI Energy were admitted to trading on the
Nasdaq Baltic First North Bond List by Nasdaq Vilnius as of today. 

REFI Energy is a company owned by INVL Renewable Energy Fund I, which is
managed by INVL Asset Management and invests in renewable energy projects. REFI
Energy raised in total EUR 8 million via two tranches of bond offerings. The
first tranche of EUR 3.5 million was offered non-publicly in June this year and
the second tranche was offered publicly in September. The public offer was
oversubscribed by 1.5 times and more than 250 institutional and retail
investors from Lithuania subscribed for the bonds. 

The bonds have a nominal value of EUR 1,000 and the interest rate is fixed at
9.5% per year. The bonds have a maturity of up to 2 years with a right for REFI
Energy to redeem them earlier, paying an additional 1% if redemption is 9-12
months before maturity, an additional 0.5% if redemption is 6-9 months before
maturity, and no premium if redemption is within 6 months of the maturity date. 

"We are happy to see a Lithuanian renewable energy company using the public
capital market to raise money for financing their ambitious and
environment-friendly business plan. At the same time, REFI Energy bond listing
provides investors with an opportunity to invest in a company operating in the
renewable energy sector," said Saulius Malinauskas, CEO of Nasdaq Vilnius
exchange. 

"The listing of the bonds on the Nasdaq stock exchange is a significant event
that shows investors' confidence in the fund's renewable energy investment
strategy. Successful offering of bonds proves that Baltic capital market can be
an efficient source for raising capital and provides the opportunity to reach a
wider range of investors. The funds raised from investors will be used for the
construction of solar power generation projects," said Liudas Liutkevicius,
Managing Partner of the INVL Renewable Energy Fund I. 

Šiauliu Bankas was the organizer of the public bond issue, while the law firm
TGS Baltic acted as legal advisor and is also the certified adviser for the
company on the First North market. 



REFI Energy is a special-purpose company created for the sole purpose of the
issuance of bonds. INVL Renewable Energy Fund I is the sole shareholder of REFI
Energy. 

The INVL Renewable Energy Fund I invests in early- and mid-stage renewable
energy projects (solar and wind), including the construction of new power
plants, the development and/or acquisition of the infrastructure necessary for
the operation of power plants, and effective management of existing power
plants in the European Union and member states of the European Economic Area. 

The INVL Renewable Energy Fund I is investing in renewable energy projects with
a focus on the Romanian and Polish markets. The fund is investing in projects
with a total capacity of 33 megawatts (MW) in Poland and 451 MW in Romania.
Investments in the fund's portfolio of projects will total up to EUR 350
million, representing a major commitment to the development and promotion of
clean energy. 

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. 

Nasdaq (Nasdaq: NDAQ) is a global technology company serving the capital
markets and other industries. Our diverse offering of data, analytics, software
and services enables clients to optimize and execute their business vision with
confidence. To learn more about the company, technology solutions, and career
opportunities, visit us on LinkedIn, Twitter @Nasdaq, or at Nasdaq.com 

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 



Additional info:

Ott Raidla
Head of Marketing and Communications
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