Company That Repaid More Than €20 Million to Investors in June Launches New 9% Bond Issue

Atsinaujinančios Energetikos Investicijos (AEI), an investment company managed by Lords LB Asset Management and one of the largest green energy platforms in the region, is launching a €2 million bond issue offering a 9% yield. Investors in Lithuania, Latvia and Estonia may subscribe for the 10-month bonds until 8 September. The minimum investment is €1,021.393.

This is the second tranche of a €25 million bond programme. The issue is arranged and distributed by investment services company Orion Securities. The bonds are expected to be admitted to trading on the Nasdaq Vilnius regulated market and will mature on 15 July 2027.

In June, AEI fully settled its obligations to investors in its previous bond issue. The company redeemed bonds with a nominal value of more than €20 million and paid all accrued interest. Following 30 September 2025, AEI fully redeemed the remaining portion of its 2021 bond programme, comprising bonds with a nominal value of €54.134 million.

“AEI has entered the final phase of its operations, in which we measure our performance by our ability to convert the value created into actual cash flows and fulfilled obligations. In June, we fully settled with investors in the previous bond issue; in July, an additional 38 MW of solar capacity became operational in Poland; and project divestment processes are actively progressing. We are consistently implementing our strategy to realise the company’s assets by the end of 2027,” says Mantas Auruškevičius, CEO of AEI.

To date, AEI has sold renewable energy projects with a combined capacity of nearly 254 MW. The projects were acquired by strategic investors from Western and Northern Europe.

At the end of June, the company’s assets were valued at €153.5 million, while its equity amounted to €83.7 million. EBITDA for the preceding 12 months exceeded €11.7 million.

Operational projects account for approximately 77% of AEI’s investment portfolio value, or around €106 million. Projects currently under active construction represent a further 7%, or €10 million.

“Renewable energy is an attractive sector for investors, but they also assess whether the power plants are already operational, what cash flows they generate, how their revenues are secured and whether there is genuine market demand for such projects. In this respect, AEI has a tangible base of operational assets and a track record of completed divestments. This allows investors to assess the company on the basis of its actual performance,” says Matas Čipkus, Head of Issuance Origination Projects at Orion Securities.

Additional 38 MW of Generation Capacity Becomes Operational in Poland

In July, AEI connected an additional 38 MW of solar power capacity to the electricity grid in Poland. Including the newly commissioned capacity, the combined capacity of operational solar and wind energy projects in the company’s portfolio increased from 303 MW to approximately 341 MW.

According to Auruškevičius, once electricity generation begins, a project’s risk profile changes: it becomes an operational, income-generating asset. Actual generation data also enable more accurate cash-flow assessments and are important when preparing a project for sale.

In Lithuania, AEI has invested in wind farms with a combined capacity of 185.5 MW in the districts of Anykščiai, Jonava and Rokiškis. The company holds a 25% stake in the entity that owns this portfolio, while a 10-year power purchase agreement covers half of the wind farms’ generation capacity.

In Poland, AEI manages two solar power portfolios with a combined capacity of nearly 182 MW. Approximately 85% of the capacity of these projects is covered by government-backed long-term price support schemes.

Nearly 254 MW of Projects Sold

In 2024, a 65.5 MW portfolio of operational solar power plants in Poland was sold to a UK-based investment management company. The investment generated an internal rate of return of 16.95%.

Last year, the company sold a 45 MW wind power project combined with a 9 MW energy storage project in Lithuania, as well as a 132 MW wind energy project in Latvia. The combined value of the transactions was €5.6 million, with investment returns of 18% and 15%, respectively.

AEI is actively pursuing the divestment of its remaining portfolio investments, with these processes expected to be completed by the end of 2027.

More information about the bond issue: https://www.orion.lt/en/aei-public-bonds-2026-august/

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