At the end of September 2025, the net asset value (NAV) of UAB “Atsinaujinančios energetikos investicijos” (AEI) amounted to EUR 94,367,121, reflecting a decrease from EUR 96,476,602 reported at the end of June 2025.
The share price declined to EUR 1.6088 compared to EUR 1.6447 as of June 2025. The pro forma internal rate of return (IRR) since inception decreased, reaching 0.84%, down from 1.50%, reported at the end of June 2025.
Solar projects
In September 2025, AEI successfully completed the divestment of its 2.6 MW solar project in Lithuania UAB “Saulės Energijos Projektai“, as part of its ongoing divestment process.
The construction of the 67.8 MW total capacity solar portfolio in Poland – PV Energy Projects sp. z o.o. – is approaching its final stages of development. As of the current reporting period, 49.8 MW of total capacity has been successfully energised and is fully operational. During Q3, two additional projects, with a combined installed capacity of approximately 1.9 MW, were successfully energised and connected to the grid, further expanding the operational portfolio. The remaining projects are progressing according to schedule, with commissioning activities and final testing expected to take place over the upcoming quarters. The Commercial Operation Date (COD) for the entire 67.8 MW portfolio is anticipated by March 2026.
The second solar portfolio in Poland – PL SUN sp. z o.o. – with a total installed capacity of 114.0 MW, is structured into two phases. Construction activities for Phase I, comprising 66.6 MW, are largely finalised. 26.47 MW of capacity reached energisation in Q4 2024, followed by an additional 20 MW successfully connected to the grid in Q2 2025. The remaining 20.2 MW under this phase are progressing through the final commissioning stages and are projected to be energised during the next quarter, bringing Phase I to full operational status. Phase II of the portfolio, representing the remaining capacity (47.4 MW), commenced construction in October 2024 and achieved mechanical completion in October 2025. Balance of System (BoS) and Operations & Maintenance (O&M) contracts have been executed. The grid connection points have been prepared and are ready to accommodate the energisation of seven project sites. The full 114.0 MW portfolio is on track to be completely energised and operational by the end of 2025.
PL SUN sp. z o.o. portfolio is currently in the process of refinancing its construction bridge financing, with plans to secure long-term debt financing shortly. The expected conclusion of this process, including equity refinancing, is anticipated in Q4 2025.
Wind projects
The 112 MW wind farm project in Latvia, developed by SIA Zala Elektriba, is currently under construction, with all construction and equipment delivery contracts finalised. Long-term debt financing is anticipated to be secured in Q4 2025, with project energisation expected to take place in Q1 2027.
The 185.5 MW wind portfolio owned by UAB “Žaliosios investicijos” in which AEI holds a 25% stake, has been operating without material disruptions. Nevertheless, in Q3 2025, the project company UAB “Žaliosios investicijos” entered into arbitration proceedings with the project seller concerning the calculation of the acquisition price. The dispute relates to the variable component of the purchase price and its calculation methodology. The final amount remains under review; however, under the initial estimation by AEI, there should be no material impact on AEI's financial standing.
Hybrid projects
UAB “Pakruojo vėjas” (45 MW wind) and UAB “Ekoelektra” (70 MW solar and 100 MW wind) are advancing through the final stages of procurement. Both the Wind Turbine Generator (WTG) tender and the Balance of Plant (BoP) / electrical Balance of Plant (eBoP) tender processes are currently ongoing and approaching completion.
UAB “JTPG” (70 MW solar) portfolio in Lithuania is progressing through environmental permitting procedures to increase the project capacity with an additional 69 MW wind. The solar component of the hybrid project has also achieved progress. Additional land plots have been secured, and notarial land lease agreements have been signed to enable the design of solar modules equipped with tracking systems. Cadastral measurements are in progress, the solar power plant layout has been finalised, project proposals are in the final stages of preparation, and cable easements for the solar installations have been completed.
Contact person for further information:
Mantas Auruškevičius
Manager of the Investment Company
mantas.auruskevicius@lordslb.lt
