On August 2, 2022, the Supervisory Service of the Bank of Lithuania approved the documents for the establishment of the closed-end fund for informed investors “Eika Green Energy Fund” (hereinafter referred to as EGEF). This will be the fourth investment fund managed by UAB “Eika Asset Management” (hereinafter referred to as EAM), established in order to respond to climate change and increases in energy demand and prices..
The goal of the EGEF fund is sustainable investments that contribute to climate change mitigation. Investment objects: renewable energy (solar, wind, hydro and hybrid) power plants in the European Union, technologies related to energy storage and storage, specialized bioenergy power plants, where the energy released during biochemical processes is converted into heat and electricity, geothermal power plants and technologies, where hot water from the depths of the earth can be used to supply heat and generate electricity. The fund will strive for the share of the fund’s investments in environmentally sustainable economic activities to constitute at least 80 percent. of the fund’s net asset value.
“Global energy and climate change issues prompted the establishment of a green energy fund, the prospects of which we strongly believe in not only due to the significantly growing demand for renewable energy, but also due to our organization’s involvement in sustainable activities, which is becoming one of our key strategic directions,” says Viktorija Orkinė, Head of EAM.
Currently, EGEF is prioritizing projects in Lithuania and Cyprus, and is also evaluating the renewable energy markets of Poland, Latvia and southern European countries. EGEF will be guided by the regulation relating to the disclosure of sustainability information in the financial services sector (SFDR) “Dark Green” Article 9 products. “Dark green” – products whose purpose is solely sustainable investment.
The first EAM-managed fund, Eika Residential Fund, has been investing in the development of residential real estate projects in Vilnius since spring 2018. Construction has already been completed on the Antakalnio panorama project, and the projects Mėlyni vilkai on Skroblų g. in Vilnius, where 275 apartments will be built, and Šv. Stepono Baltas lapas on Šv. Stepono gatta with 132 apartments, are also being developed.
The second fund managed by EAM – a closed-end investment company for informed investors, UAB Eika Real Estate Fund – invests in commercial properties in the Baltic States. Its portfolio already includes 8 investments: Highway business center and Audi and Volkswagen car dealerships in Vilnius, DHL Lietuva terminal in Vilnius Airport, Tamro logistics center of BENU pharmacy manager in Kaunas FEZ, ViaCon Baltic manufacturing center in Kaunas district, Business Centrum Tesla business center in Slovakia, and Grostono street shopping center in Riga.
The third EAM fund, Eika Development Fund, is focused on mixed-use real estate investments, and its portfolio includes three objects – plots on Kaminkelio and Pilkalnio streets in Vilnius, where residential projects are planned to be built, and the construction and sales of the currently launched “Metų laikai” residential quarter project on Visorių street, Vilnius.