Atsinaujinančios energetikos investicijos raises €14.8 million
The investment company Atsinaujinančios energetikos investicijos (AEI), managed by Lords LB Asset Management, has completed its public placement of 13- and 25-month bonds. Investors purchased securities worth €14.8 million.
The bonds attracted both private and institutional investors from the Baltic States. Investors who had previously acquired the company’s bonds also participated actively, making use of the exchange option. According to Mantas Auruškevičius, the company’s manager, the raised funds will allow for the refinancing of part of the bond issue issued in 2021.
“In an exceptionally active bond market, sustained investor interest demonstrates confidence in AEI’s chosen strategy and our ability to complete the final stage of AEI’s investment strategy – the realization of the project portfolio,” says M. Auruškevičius.
Strategy: asset liquidation by the end of 2027
The company has already completed its first successful asset sale: at the end of 2024, it sold a 65.5 MW solar power plant portfolio in Poland. According to the company’s strategy, all development-stage and operational projects are planned to be sold during 2026–2027, and sale processes for part of the portfolio have already begun.
“The solar park portfolio in Poland was acquired by a UK capital markets player. This year, we have also received increased interest from other international investors seeking to acquire our entire portfolio in Poland, Lithuania, and Latvia, as they view this region as one of the most attractive for strategic expansion.
We aim to sell our development projects at the highest price possible; therefore, we will evaluate whether selling the whole portfolio or selling it in parts will be more efficient. However, the level of investor interest clearly signals the renewed attractiveness of our region,” notes AEI manager Mantas Auruškevičius.
AEI’s asset value amounts to €181 million, with €96 million in equity. The company’s managed portfolio consists of solar and wind farms in Poland and Lithuania with a total capacity of 280 MW. An additional 69 MW of solar capacity will start operations in Poland by the end of this year.
Market values a clear revenue model
According to experts from investment banking firm Orion Securities, which organized the bond placement, investors focused on AEI’s balanced financial structure and consistent operating results.
“With several renewable energy bond issuances occurring in the market simultaneously, the capital raised demonstrates trust in the issuer and its performance. The operational solar and wind parks in AEI’s portfolio generate revenue, and the fact that part of the energy is sold through long-term power purchase agreements or under fixed-tariff schemes enables predictable cash flows,” says Mykantas Urba, Head of Investment Banking at Orion Securities.
One of AEI’s key assets is a 185.5 MW wind park in Lithuania, in which AEI owns a quarter of the shares. Half of the electricity generated by this park is sold under a 10-year power purchase agreement, allowing clear revenue forecasting. Over the past 12 months, AEI’s share of the wind park’s EBITDA amounted to €7.65 million.
In Poland, AEI manages a 182 MW solar park portfolio, more than half of which is already operational. 85% of the portfolio’s project capacity will sell part of its electricity under a state-supported fixed-tariff scheme, ensuring a stable cash flow regardless of market price fluctuations.
During the same period, the additional tranche of the 25-month bond issue targeted at wholesale investors, with an 8% annual yield, saw more subdued demand. €416,000 was invested in this issue.
“When comparing demand for the 13- and 25-month bond issues, we observe a trend that under current market conditions investors continue to prioritize shorter-term debt securities,” says M. Urba.
