UAB „Atsinaujinančios energetikos investicijos“ publishes audited consolidated and separate annual financial statements for 2024
UAB “Atsinaujinančios energetikos investicijos” (the Company) publishes its audited annual consolidated and separate financial statements for 2024 together with Company’s and Group‘s annual report for 2024
Financial results
The Company’s objective is to earn a return for the Company’s investors from investments in renewable energy infrastructure facilities and related assets. The main financial indicators for the period were:
- As at 31 December 2024, the Company’s total assets were EUR 189,795 thousand, total equity was EUR 100,476 thousand, and total liabilities were EUR 89,319 thousand.
- As at 31 December 2024, the Company’s investment assets at fair value through profit or loss were EUR 159,902 thousand, which compared to 31 December 2023, decreased by EUR 20,158 thousand or 11.20%. The decline in fair value of the investment portfolio was mainly driven by the results of the independent annual valuation of the Company’s shares. Specifically, the value of the Company’s solar assets in Poland primarily decreased due to electricity price curve forecasts being significantly lower than the electricity price curve utilised in the Company’s valuation in the fourth quarter of 2023.
- From January to December 2024, the Company reported a comprehensive loss of EUR 14,824 thousand, primarily attributed to the negative fair value change in the investment portfolio resulting from the independent annual valuation of the Company’s shares.
Review of performance and development
- In December 2024, the Company successfully divested its 65.5 MW operating solar portfolio in Poland, Energy Solar Projekty sp. z o.o. This divestment marks the Company’s first significant exit in its core portfolio.
- The construction of the 67.8 MW total capacity portfolio for PV Energy Projects sp. z o.o. is nearing completion. As of the fourth quarter of 2024, 44.8 MW of this capacity is operational, with a Commercial Operation Date (COD) anticipated for September 2025.
- The construction of the PL SUN sp. z o.o. portfolio, with a total capacity of 114.7 MW, is progressing through two distinct development phases. The first phase, encompassing 66.6 MW, saw substantial completion in the second quarter of 2024, with 26.4 MW energized by the close of the fourth quarter. The remaining capacity of 40.2 MW is scheduled to be energized by the second quarter of 2025. Construction on the second phase, totalling 48.1 MW, commenced in the fourth quarter of 2024, with energization expected by the fourth quarter of 2025.
- The Company holds 25% of shares of UAB Žaliosios investicijos, which manages the 185.5 MW portfolio, consisting of 34 wind turbines in Lithuania. The energy production license for the Anykščiai wind farm was secured in August 2024, and licenses for the Jonava and Rokiškis wind farms are anticipated in the second quarter of 2025.
- The development permit for a hybrid power plant with a capacity of 100 MW of wind and 70 MW of solar, being developed by UAB Ekoelektra, has been granted. The technical design project has been initiated and submitted to the Transmission System Operator (Lidgrid) for coordination, ensuring adherence to grid requirements for effective integration into the national electricity network.
- UAB JTPG submitted the grid connection technical project for a 70 MW solar PV project to Litgrid for approval in the third quarter of 2024, marking a significant step in the project’s development.
- The development permit for a hybrid power plant developed by UAB KNT Holding, which includes 390 MW of wind, 250 MW of solar, and a Battery Energy Storage System (BESS) of 50 MW / 200 MWh, has also been granted. The technical design project has been initiated and submitted to the Lidgrid for coordination.
- For the 112 MW wind park development project in Latvia managed by Zala Elektriba SIA, the grid connection deadline was extended in the third quarter of 2024, with balance of plant works commencing in the fourth quarter of 2024.
Shareholders’ meeting
According to the Law on Companies of Republic of Lithuania, the annual financial statements prepared by the Management are authorised by the General Shareholders’ meeting. The shareholders hold the power to not approve the annual financial statements and have the right to request new financial statements to be prepared.
The shareholders of the Company will vote on approving the Group‘s and Company’s 2024 financial statements at a shareholders’ meeting to be held on 30 April 2025. The meeting will also consider a proposal for the distribution of profits. The proposed profit allocation is as follows:
| Article | Thousand, EUR |
| Retained earnings (loss) – at the beginning of financial year | 31,450 |
| Comprehensive income (loss) for the reporting period – net profit for the current year | (14,424) |
| Profit transfer to the legal reserve | (250) |
| Retained earnings (loss) – at the end of financial year | 16,376 |
| Profit distribution: | |
| Profit transfer to the legal reserve | – |
| Profit transfer to other reserves | – |
| Profit to be paid as dividends | – |
| Retained earnings (loss) at the end of the financial year for 2024 and previous financial periods | 16,376 |
Contact person for further information:
Mantas Auruškevičius
Manager of the Investment Company
Mantas.Auruskevicius@lordslb.lt
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