UAB „Atsinaujinančios energetikos investicijos“ publishes audited consolidated and separate annual financial statements for 2023




UAB “Atsinaujinančios energetikos investicijos” (the Company) publishes its audited annual consolidated and separate financial statements for 2023 together with Company’s and Group‘s annual report for 2023

Financial results

The Company’s objective is to earn a return for the Company’s investors from investments in facilities of the renewable energy infrastructure and related assets. The main financial indicators for the period were:

  • As at 31 December 2023, the Company’s total assets were EUR 186,793 thousand, total equity was EUR 115,300 thousand, and total liabilities were EUR 71,493 thousand

  • As at 31 December 2023, the Company’s investment assets at fair value through profit or loss were EUR 180,060 thousand, which compared to 31 December 2022, grew by EUR 35,152 thousand or 24.26%

  • The Company’s total comprehensive income during 2023 was EUR 5,031 thousand, which was primarily driven by the gain on the investment portfolio due to the annual valuation of the Company’s shares

  • During 2023, Shareholders’ contributions amounted to EUR 6,763 thousand

  • During 2023, the Company issued Green bonds in the total amount of EUR 20,382 thousand

Review of performance and development

  • 2023 was a successful year for PV solar operating projects in Poland and Lithuania. The results have exceeded expectations, with revenue increasing by 9% and EBITDA by 11% compared to the budget. This was driven by favourable weather conditions. During the period from January to December 2023, the group produced a total of 68,124 MWh of renewable energy

  • The construction of 67.8 MW total capacity PV Energy Projects sp. z o. o. portfolio is moving towards completion. By the end of Q4 2023, 14 projects with a total capacity of 14 MW were energized. 22 projects with a total capacity of 53.8 MW are projected to be energized in 2024. The Group has generated 4,258 MW of renewable energy from projects that were energized from their completion date until the end of the financial year. The group secured long-term financing with Bank Pekao S.A. in 2023

  • The PL SUN sp. z o. o. project portfolio with a total capacity of 114.5 MW is split into two phases. First 66.99 MW, for which construction procedures are continuing in all 7 sites and are scheduled to be completed in Q2 2024. Second 47.51 MW, for which the Balance of System module, and inverter supply agreements are under negotiations

  • The Company holds 25% of shares of UAB Žaliosios investicijos, which manages the construction of a 185.5 MW portfolio, consisting of 34 wind turbines in Lithuania. The construction process of the wind park portfolio was completed in Q3 2023. The 3 wind farms generated 277,490 MW of renewable wind energy from January to December 2023

  • The development permit was issued for the wind park being developed by UAB Ekoelektra, and the final grid connection conditions were received. Technical design procedures have been initiated, and we anticipate obtaining building permits in Q4 2024 – Q1 2025

  • UAB JTPG final grid connection conditions for 70 MW solar PV project have been received during Q3 2023

  • UAB KNT Holding has secured hybridized grid connection for 390 MW wind, 250 MW solar PV and 50 MW / 200 MWh battery storage capacity

  • The grid connection was secured for the whole connection capacity of 102 MW wind park development project in Latvia managed by Zala Elektriba SIA. Final environmental impact assessment for wind farm was obtained in Q4 2023. Technical design procedures have been started

  • On the 31 March 2023, the Company closed its final share subscription period with total investor commitments reaching EUR 91.5 million

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 not to approve the annual financial statements and 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 2023 financial statements at a shareholders’ meeting to be held on 30 April 2024. The meeting will also consider a proposal for the distribution of profits, it is proposed to allocate profits as follows:


Thousand, EUR

Retained earnings (loss) – at the beginning of financial year


Comprehensive income for the reporting period – net profit for the current year


Profit transfer to the legal reserve


Retained earnings (loss) – at the end of financial year


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 2022 and previous financial periods


Also on 30 April 2024, Shareholders will decide on the appointment of an audit firm to audit the Company’s financial statements for 2024-2026. The proposed audit firm to be appointed is PricewaterhouseCoopers, UAB.

Additional items on the shareholders meeting agenda include the amendment of the Company’s Articles of Association and the approval of Audit Committee guidelines.

Contact person for further information:

Grėtė Bukauskaitė

Manager of the Investment Company

[email protected]


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