Sun Investment Group launches placement of up to EUR 3 million bond issue to finance construction of a solar power plant project in Poland

The offering is organised and executed by the investment services company Orion Securities.

“The solar park under construction in Poland is one of the most significant in our portfolio. It has already secured long-term financing from international institutional investors, and the bridge bond issue will ensure that the construction process is executed smoothly and efficiently,” says SIG CEO Deividas Varabauskas.

Project approved by strategic investors

The 120 MW solar power plants project has been assessed by international investors Berenberg and Amiral Gestion. They have completed full financial, technical, and legal due diligence and confirmed project financing, which will be provided in tranches upon completion of construction works.

Berenberg is one of the world’s oldest operating banks, managing more than EUR 40 billion in client assets and actively investing in infrastructure and renewable energy projects across Europe, including major solar and wind parks. Amiral Gestion manages assets worth more than EUR 4 billion, with renewable energy and infrastructure projects forming a significant part of their portfolio.

“Institutional investors participate in projects of this type only after thorough risk assessments. Their decision to finance the portfolio shows that the project is high quality, technically sound, and compliant with international standards,” emphasises the SIG CEO.

According to him, construction of the 120 MW project in Poland has already begun, all construction permits have been obtained, contracting agreements signed, and a significant amount of equity capital invested. More than 70% of the project’s expected revenue for the first 15 years of operation is secured by long-term electricity sale agreements and state support mechanisms. These aspects largely hedge both development and commercial risks.

More information about the bond issue

Poland – one of the fastest-growing markets in Europe

“Poland’s renewable energy market is currently one of the most stable and economically attractive in Europe. Relatively high electricity prices (often exceeding those in the Baltic states by more than 20%), clear support schemes, and strong demand from industrial consumers create conditions for long-term project stability,” says D. Varabauskas.

According to the Polish Institute for Renewable Energy (IEO), around 4 GW of new solar capacity was installed in the country last year, bringing total installed solar capacity to 21.2 GW at year-end. This confirmed Poland’s position as one of the largest solar markets in Europe.

Europe’s largest applied science organisation, Germany’s Fraunhofer Institute, reports that in 2024 Poland generated 45.2 TWh of electricity from renewable sources, with solar power accounting for 17.34 TWh, or around 11% of total national electricity production. The share of renewables in Poland’s electricity mix grew to around 30%, with solar energy becoming one of the key drivers of this growth due to stable industrial demand and long-term support schemes.

Clear redemption mechanism

In 2026, within 12 months from the bond issue date and once significant construction progress has been achieved, the institutional investors’ funds intended for settling payments with Eternia Solar for completed works will be disbursed to the project owner. Eternia Solar will use the received income to redeem the bonds.

“The source of bond redemption is clearly defined and not dependent on the sale of the project or project revenue generation. This is a typical bridge financing structure with an identified repayment source backed by institutional investor participation once construction is completed. We observe that part of the Baltic capital market prioritises short-term fixed-income investments, so we believe that Eternia Solar bonds will attract investor interest,” says Mykantas Urba, Head of Investment Banking at Orion Securities.

One of the region’s leaders

Sun Investment Group is one of the leading solar energy developers in Central and Eastern Europe. The group operates under a vertically integrated model, from land preparation and permitting to construction, operation, and maintenance of solar plants. Over its history, SIG has developed more than 200 MW of operating solar assets and is currently developing a project portfolio exceeding 3 GW across several European countries, including Poland, Lithuania, and Italy.

“By working in Poland and other European markets, we contribute to strengthening energy security and expanding renewable energy. Our team creates long-term value important not only for investors but also for society,” says the SIG CEO.

Join investor call

We invite investors to join the remote bond issue presentation in English, December 11, 2025, at 2 PM. Registration link.

How to invest?

Contact the financial brokerage firm or bank that manages your securities account to place an investment order (or submit the order through the bank’s online self-service platform).

If you do not have an investment services agreement with a financial intermediary operating in Lithuania, please email us at obligacijos@orion.lt

 

Orion Securities recommends consulting with your financial advisor before making an investment decision and evaluating all risks related to securities (bonds) and/or any other circumstances that may be relevant to you.