JSC “Atsinaujinančios energetikos investicijos” secures financing to build solar plants in Poland to provide energy for 21,000 homes
JSC “Atsinaujinančios energetikos investicijos” has signed an agreement worth 105 million PLN (22.4 million EUR) with Bank Pekao S.A. to finance the construction of 67.8 MW solar PV plants in Poland.
“Atsinaujinančios energetikos investicijos” is a closed-end investment company for informed investors managed by Lords LB Asset Management.
About 40 MW capacity will be installed this year, with the rest becoming operational in 2024. During its first year of operations, the plants will generate 77,112 MWh of green energy and offset roughly 55,300 tonnes of carbon dioxide emissions, or enough green energy to provide electricity for 21,000 households annually.
“Despite the volatility in energy markets, in 2022, Poland was one of Europe’s frontiers in new solar PV capacity installations. The goal for 2023 is even more ambitious, and we are delighted to participate in this process,” said Kristina Kepsnytė-Bugaitienė, Head of Business Development at “Atsinaujinančios Energetikos investicijos”.
Bank Pekao S.A. will provide a complete package of services by acting as the Loan Agent, Security Agent, Project Account Bank, and participating in hedging transactions.
“Atsinaujinančios energetikos investicijos” has been working with Bank Pekao S.A. since 2022, when the bank provided long-term financing for a 65.57 MW solar park in Poland.
“The renewable energy and especially solar PV market has been growing exponentially in recent years in Poland. 12 GW of solar projects have been installed in the country since 2018. But Polish energy production still depends heavily on fossil fuels, and Russia used to be its main supplier. Now, because of the war in Ukraine, it is more important than ever to continue investing in Poland’s renewable energy sector,” said Grėtė Bukauskaitė, Manager of “Atsinaujinančios Energetikos investicijos”.
This 67.8 MW solar PV plant is a valuable addition to the “Atsinaujinančios energetikos investicijos” portfolio. The investment company operates 68.1 MW of solar power plants in Poland and Lithuania. It also co-owns a 185.5 MW wind power plant portfolio in Lithuania and will continue to actively develop and invest in solar and wind energy projects in the Baltic and Polish markets.
Lords LB Asset Management is a premier provider of investment management services to institutional clients and high-net-worth individuals. Established in 2008, Lords LB Asset Management focuses on real estate and private equity investment strategies. The company currently manages the collective investment undertakings of 13 real estate funds, 1 private capital fund, 1 energy and infrastructure fund and 2 investment companies. The total value of assets managed by the collective investment undertakings reached EUR 871.6 million at the end of December 2022.
Contact person for further information:
Grėtė Bukauskaitė
Manager of the Investment Company
