Ab Artea Bankas · OMXVSE:ROE1L
Ab Artea Bankas — REFI Blue, UAB — Debt Investor Presentation (2026)
73 slides from Ab Artea Bankas's debt investor presentation, 2026
Slide 1: Investor Presentation: Up to EUR 25M Bond Programme
INVESTOR PRESENTATION UP TO EUR 25M BOND PROGRAMME REFI BLUE, UAB 2026
Slide 2: Disclaimer
DISCLAIMER This presentation is neither considered as prospectus as defined in Regulation No. 2017/1129, nor Information Document as defined under the Law on Securities of the Republic of Lithuania. Moreover, this presentation is not approved by any financial supervision authority of the Republic of
Slide 3: Executive Summary
EXECUTIVE SUMMARY Summary of Issue terms The fund – INVL Renewable Energy Fund I - was established in accordance Guarantor - Fund with the Law on Collective Investment Undertakings for Informed Investors Issuer UAB “REFI Blue” of Lithuania. ISIN code LT0000137887 Fund investment Renewable energy fac
Slide 4: Key Investment Highlights
KEY INVESTMENT HIGHLIGHTS Experienced management team with proven track record • Fund Partners have participated in over EUR 300 million transactions in CEE region. • Invalda INVL Group investments through REFI and other funds in Romania alone reaches over EUR 400 million. Mature target markets • Es
Slide 5: Market Comparison
MARKET COMPARISON Metric Baltics (LT+LV+EE) Poland Romania Electricity demand/consumption ~30 TWh ~ 172 TWh ~ 50 TWh during 2025 49% Renewable sources Production decomposition 33% Renewable sources 47% Renewable sources 31% Net import during 2025 63% Coal, gas 53% Nuclear, gas, coal 20% Oil, gas Hig
Slide 6: Agenda
06 OVERVIEW OF THE FUND‘S MANAGEMENT 10 FUND & TRANSACTION STRUCTURE 17 PORTFOLIO OVERVIEW 24 KEY PARTNERS & MARKET OUTLOOK 32 KEY CONDITIONS OF THE BOND ISSUE 36 ANNEX 1: DETAILED PORTFOLIO OVERVIEW 58 ANNEX 2: OVERVIEW OF THE RISK FACTORS
Slide 7: INVL Renewable Energy Fund I is part of Invalda INVL Group
INVL RENEWABLE ENERGY FUND I IS PART OF INVALDA INVL GROUP FOUNDED IN 1991 PRIVATE EQUITY PIONEERS IN THE BALTICS LISTED ON THE STOCK EXCHANGE SINCE 1995 EXECUTED DEALS WORTH MORE THAN €2.0 BILLION Alternative investments Family Office Pension funds PE, real assets, private debt (Lithuania, Latvia,
Slide 8: INVL Asset Management
ASSET MANAGEMENT COMPANY EXECUTIVES INVL ASSET MANAGEMENT Darius Šulnis Vytautas Plunksnis Asta Jovaišienė Andrius Načajus Linas Obuolevičius Chairman of the Board Member of the Board Member of the Board Chief Executive Officer Chief Financial Officer Chief Executive Officer Head of INVL Family Offi
Slide 9: INVL Renewable Energy Fund I Team
INVL RENEWABLE ENERGY FUND I TEAM Liudas Linas Giedrius Vitalija Liutkevičius Tomkevičius Rupeika Rogovska Managing Partner Analyst Assistant partner 15+ Energy 20+ Investment management 8+ Investment analysis 2+ Banking 20+ Management 10+ Management 3+ Private Equity 1+ Renewable Energy • 20+ years
Slide 10: Fund & Transaction Structure
06 OVERVIEW OF THE FUND‘S MANAGEMENT 10 FUND & TRANSACTION STRUCTURE 17 PORTFOLIO OVERVIEW 24 KEY PARTNERS & MARKET OUTLOOK 32 KEY CONDITIONS OF THE BOND ISSUE 36 ANNEX 1: DETAILED PORTFOLIO OVERVIEW 58 ANNEX 2: OVERVIEW OF THE RISK FACTORS
Slide 11: INVL Renewable Energy Fund I Business Model
INVL RENEWABLE ENERGY FUND I BUSINESS MODEL Scope of REFI involvement in project development Grid Grid Ready Long-term PV park Search of Technical connection Environmental Building Commissioning/ connection to EPC tender Construction exploitation and land plots solution capacity authorization permit
Slide 12: INVL Renewable Energy Fund I Business Timeline
INVL RENEWABLE ENERGY FUND I BUSINESS TIMELINE Fund 1st Project 1st Operational Polish Portfolio Launch Acquisition Construction Portfolio EXIT* Romania Romania Poland (16.8 MWp) 2021 2022 2023 2025 2026 2024 1st Project 1st 1st Operational 1st Operational Operational Acquisition Construction Projec
Slide 13: INVL Renewable Energy Fund I Structure
INVL RENEWABLE ENERGY FUND I STRUCTURE Guarantor - INVL Renewable Energy Fund I Polish 100% 100% 100% 100% 100% 100% ownership ownership ownership ownership ownership ownership portfolio 100% ownership of each Bond issuer - REFI 1-10 Sp. UAB INVL UAB REFI UAB REFI UAB REFI UAB REFI REFI 11 UAB REFI
Slide 14: Bond Issuance Structure and Rationale
BOND ISSUANCE STRUCTURE AND RATIONALE Bond issuance INVL Renewable Energy Fund I Strong financial stance (as of Q1 2026) • Equity capital committed: 57.9m EUR • NAV: 48.6m EUR Guarantee / Equity 100% UAB „REFI Blue“ Bond issuance structure and rationale: Equity 100% Romania Debt Issuer: UAB “REFI Bl
Slide 15: Capital Structure
CAPITAL STRUCTURE The fund’s leverage currently stands at 67% and is expected to rise to around 71% following the REFI Blue bond issuance and the full drawdown of bank loans for projects under construction. 180 Total capital 169 160 Total capital 148 140 Bonds (LT); 66* Bonds (LT); 41 120 Leverage E
Slide 16: Project Development Overview
PROJECT DEVELOPMENT OVERVIEW Construction M&A All projects, owned by INVL Renewable Energy Fund I, have been All projects have received non-binding offers (NBO) from investors brought to RtB (ready to build) stage. and are in different stages of exits: Poland Poland • 16.8 MW projects (out of 33.3 M
Slide 17: Portfolio Overview
06 OVERVIEW OF THE FUND‘S MANAGEMENT 10 FUND & TRANSACTION STRUCTURE 17 PORTFOLIO OVERVIEW 24 KEY PARTNERS & MARKET OUTLOOK 32 KEY CONDITIONS OF THE BOND ISSUE 36 ANNEX 1: DETAILED PORTFOLIO OVERVIEW 58 ANNEX 2: OVERVIEW OF THE RISK FACTORS
Slide 18: REFI Portfolio
REFI PORTFOLIO Sale of the projects at Market Poland Romania Romania Romania Romania Commercial Operation Date (COD) stage Project Polish portfolio Calea 1 Calea 2 Innova 1 Dobrun 33 MW 51 MW Power 60 MW 71 MW 175 MW (8 projects) (5 projects) Expected annual 38 GWh 72 GWh 87 GWh 102 GWh 250 GWh 389
Slide 19: Project Timeline
PROJECT TIMELINE RTB Construction COD – Generation Licence Exit – Exit date according to PSPA 2026 H1 2026 H2 2027 H1 2027 H2 2028 H1 2028 H2 Grędzina 2.9 MW Kolbuszowa 4 MW Wilków Opoka Belsk Duzy Jackowo 9.9 MW Nysa 1&2 10 MW Kazubek 6.5 MW Calea 1 51.1 MW Calea 2 60 MW Innova 1 71 MW Dobrun 174.5
Slide 20: Overview of the Polish Portfolio
OVERVIEW OF THE POLISH PORTFOLIO Project portfolio consists of 8 PV projects with a total DC capacity of 33.3 MWp, currently held in 5 separate SPVs. The projects are split into 2 Baskets, grouped by the scheduled date of energization. Portfolio overview Location Project Project Energization Revenue
Slide 21: Overview of the Romanian Portfolio
OVERVIEW OF THE ROMANIAN PORTFOLIO The portfolio consists of 4 project bundles (comprising 5 SPVs) under different stages of development. Portfolio overview Location Energization Project name Project companies Capacity date Power Regenerabil Calea 1 51.1MWp Q1 2025 Energy SRL Calea 2 Danube Solar Fi
Slide 22: Calea 2 (60 MWp) – Primary Use of Funds
CALEA 2 (60 MWP) – PRIMARY USE OF FUNDS Construction started in Q3 2024; expected COD in 2026 Q2. Project Overview SPV name Danube Solar 5 SRL • Calea 2 is developed on a 67 ha land plot leased on a 32-year term. General information • The Project is connected to the grid (grid operator Distributie E
Slide 23: Calea 2 - Construction
CALEA 2 - CONSTRUCTION Photos of Calea 2 project during construction Q1 2026 Pielesti Robanesti 23
Slide 24: Key Partners & Market Outlook
06 OVERVIEW OF THE FUND‘S MANAGEMENT 10 FUND & TRANSACTION STRUCTURE 17 PORTFOLIO OVERVIEW 24 KEY PARTNERS & MARKET OUTLOOK 32 KEY CONDITIONS OF THE BOND ISSUE 36 ANNEX 1: DETAILED PORTFOLIO OVERVIEW 58 ANNEX 2: OVERVIEW OF THE RISK FACTORS
Slide 25: Projects Built with Best Components Available
PROJECTS SHALL BE BUILT WITH BEST COMPONENTS AVAILABLE ON THE MARKET To ensure full project bankability and a satisfactory lifetime performance, the components will be sourced exclusively from reputable suppliers. Tier 1 Producers Bi-facial Longi or JA Solar modules. 10-year warranty and 30-year Mod
Slide 26: Extensive Network of Local Partners
EXTENSIVE NETWORK OF LOCAL PARTNERS Engineering solutions & Legal and financial solutions Market Operations Partners construction Equipment suppliers consultants management services partners The electrical (AC) equipment supplier will be selected from local market manufacturers 26
Slide 27: Renewable Energy Market in Poland
RENEWABLE ENERGY MARKET IN POLAND The Polish market is still evolving with both new opportunities and challenges emerging – such an environment puts a premium on speed of execution and innovative business models. 2025 Polish energy generation decomposition Comments Introduction of cable pooling regu
Slide 28: Renewable Energy Trading in Poland
RENEWABLE ENERGY TRADING IN POLAND Despite the recent downward trend, energy prices in Poland are expected to remain one of the highest in Europe due to an obsolete and fossil-fuel reliant energy mix. Market comments Wholesale electricity prices in the European Union [EUR/MWh] 450 • Despite some div
Slide 29: Recent M&A Transactions of Solar PV Parks in Poland
RECENT M&A TRANSACTIONS OF SOLAR PV OPERATING PARKS IN POLAND Seller Buyer Date Size Onde Energa Green Development Part of Neo Energy Group, Part of Energa Group, invests in develops and builds renewable May 2025 112 MWp Solar energy projects such as and develops renewable energy large-scale solar a
Slide 30: Installed Capacity & Energy Production Mix in Romania
INSTALLED CAPACITY & ENERGY PRODUCTION MIX IN ROMANIA Approx. 53% of the Romanian installed capacity will be solar and wind in 2030, vs. approx. 27% as of December 2024. Romania’s total installed capacity split Romania’s production mix Romania's Path to a Diversified and Sustainable Power Portfolio
Slide 31: PV Installed Capacity in Romania
PV INSTALLED CAPACITY IN ROMANIA Romania is set to add c. 5 GW of PV capacity to reach its 2030 goal. PV Landscape Pipeline of PV Projects • The installed PV capacity grew from 29 MW in 2012 to c. 1800 MW (1.8 GW) as of Dec. • According to Romania’s Ministry of Energy, ~1,620 MW of PV capacity 2024.
Slide 32: Key Conditions of the Bond Issue
06 OVERVIEW OF THE FUND‘S MANAGEMENT 10 FUND & TRANSACTION STRUCTURE 17 PORTFOLIO OVERVIEW 24 KEY PARTNERS & MARKET OUTLOOK 32 KEY CONDITIONS OF THE BOND ISSUE 36 ANNEX 1: DETAILED PORTFOLIO OVERVIEW 58 ANNEX 2: OVERVIEW OF THE RISK FACTORS
Slide 33: Key Terms & Subscription of the Bonds Issuance (I/III)
KEY TERMS & SUBSCRIPTION OF THE BONDS ISSUANCE (I/III) ISSUER UAB “REFI Blue” SECURITIES Ordinary, guaranteed fixed-rate Bonds ISIN CODE LT0000137887 ISSUE SIZE Up to EUR 25,000,000 (inclusive) SIZE OF THE FIRST TRANCHE 10,000,000 EUR TYPE OF PLACEMENT Public offering in Lithuania, Latvia and Estoni
Slide 34: Key Terms & Subscription of the Bonds Issuance (II/III)
KEY TERMS & SUBSCRIPTION OF THE BONDS ISSUANCE(II/III) EARLY REDEMPTION Full or partial call on the initiative of the Issuer. The Redemption Price shall be equal to the Nominal value of the Redeemable Bonds and interest accrued on the Redeemable Bonds together with the premium if such is applied. Th
Slide 35: Key Terms & Subscription of the Bonds Issuance (III/III)
KEY TERMS & SUBSCRIPTION OF THE BONDS ISSUANCE(III/III) Start of Offering End of Offering Announcement of the results Settlement date Issue date Maturity date May 27 2026 June 30 2026 July 3 2026 July 3 2026 July 3 2026 January 3 2029 A securities account is required for investment purposes. If 1. o
Slide 36: Annex 1: Detailed Portfolio Overview
06 OVERVIEW OF THE FUND‘S MANAGEMENT 10 FUND & TRANSACTION STRUCTURE 17 PORTFOLIO OVERVIEW 24 KEY PARTNERS & MARKET OUTLOOK 32 KEY CONDITIONS OF THE BOND ISSUE 36 ANNEX 1: DETAILED PORTFOLIO OVERVIEW 58 ANNEX 2: OVERVIEW OF THE RISK FACTORS
Slide 37: Grędzina (1/2) | Sold to the Financial Investor
Basket 1 Grędzina Kolbuszowa Wilków Opoka Belsk Duży Jackowo Basket 2 GRĘDZINA (1/2) | SOLD TO THE FINANCIAL INVESTOR Grędzina is a 2.9 MWp project located in Dolnośląskie Voivodeship. Grędzina is the most advanced asset in the whole portfolio and has already been energized in July 2024. Portfolio o
Slide 38: Grędzina (2/2) | Sold to the Financial Investor
Basket 1 Grędzina Kolbuszowa Wilków Opoka Belsk Duży Jackowo Basket 2 GRĘDZINA (2/2) | SOLD TO THE FINANCIAL INVESTOR Grędzina is a 2.9 MWp project located in Dolnośląskie Voivodeship. Grędzina is the most advanced asset in the whole portfolio and has already been energized in July 2024. Photos of G
Slide 39: Kolbuszowa (1/2) | Sold to the Financial Investor
Basket 1 Grędzina Kolbuszowa Wilków Opoka Belsk Duży Jackowo Basket 2 KOLBUSZOWA (1/2) | SOLD TO THE FINANCIAL INVESTOR Kolbuszowa is a 4 MWp project located in Podkarpackie Voivodeship. Kolbuszowa is the second most advanced asset in the whole portfolio and has already been energized in January 202
Slide 40: Kolbuszowa (2/2) | Sold to the Financial Investor
Basket 1 Grędzina Kolbuszowa Wilków Opoka Belsk Duży Jackowo Basket 2 KOLBUSZOWA (2/2) | SOLD TO THE FINANCIAL INVESTOR Kolbuszowa is a 4 MWp project located in Podkarpackie Voivodeship. Kolbuszowa is the second most advanced asset in the whole portfolio and has already been energized in January 202
Slide 41: Wilków (1/2) | Sold to the Financial Investor
Basket 1 Grędzina Kolbuszowa Wilków Opoka Belsk Duży Jackowo Basket 2 WILKÓW (1/2) | SOLD TO THE FINANCIAL INVESTOR Wilków is a 7 MWp project located in south-western Poland, in Dolnośląskie Voivodeship and has already been energized in June 2025. Portfolio overview Location Wilków, Złotoryjski Coun
Slide 42: Wilków (2/2) | Sold to the Financial Investor
Basket 1 Grędzina Kolbuszowa Wilków Opoka Belsk Duży Jackowo Basket 2 WILKÓW (2/2) | SOLD TO THE FINANCIAL INVESTOR Wilków is a 7 MWp project located in south-western Poland, in Dolnośląskie Voivodeship and has already been energized in June 2025. Photos of Wilków project Q3 2025 42
Slide 43: Opoka (1/2) | To Be Sold in 2026H2
Basket 1 Grędzina Kolbuszowa Wilków Opoka Belsk Duży Jackowo Basket 2 OPOKA (1/2) | TO BE SOLD TO THE FINANCIAL INVESTOR IN 2026H2 Opoka is a 1 MWp project located in south-eastern Poland, in Lubelskie Voivodeship and has already been energized in June 2025. Portfolio overview Location Opoka, Kraśńi
Slide 44: Opoka (2/2) | To Be Sold in 2026H2
Basket 1 Grędzina Kolbuszowa Wilków Opoka Belsk Duży Jackowo Basket 2 OPOKA (2/2) | TO BE SOLD TO THE FINANCIAL INVESTOR IN 2026H2 Opoka is a 1 MWp project located in south-eastern Poland, in Lubelskie Voivodeship and has already been energized in June 2025. Photos of Opoka project Q3 2025 44
Slide 45: Belsk Duży (1/2) | To Be Sold in 2026H2
Basket 1 Grędzina Kolbuszowa Wilków Opoka Belsk Duży Jackowo Basket 2 BELSK DUŻY (1/2) | TO BE SOLD TO THE FINANCIAL INVESTOR IN 2026H2 Belsk Duży is a 1 MWp project located in central Poland, in Mazowieckie Voivodeship and has already been energized in April 2025. Portfolio overview Location Belsk
Slide 46: Belsk Duży (2/2) | To Be Sold in 2026H2
Basket 1 Grędzina Kolbuszowa Wilków Opoka Belsk Duży Jackowo Basket 2 BELSK DUŻY (2/2) | TO BE SOLD TO THE FINANCIAL INVESTOR IN 2026H2 Belsk Duży is a 1 MWp project located in central Poland, in Mazowieckie Voivodeship and has already been energized in April 2025. Photos of Belsk Duży Q3 2025 46
Slide 47: Jackowo (1/2) | To Be Sold in 2026H2
Basket 1 Grędzina Kolbuszowa Wilków Opoka Belsk Duży Jackowo Basket 2 JACKOWO (1/2) | TO BE SOLD TO THE FINANCIAL INVESTOR IN 2026H2 Jackowo is a 0.9 MWp project, located in central Poland, in Mazowieckie Voivodeship, and has already been energized in June 2025. Portfolio overview Location Jackowo,
Slide 48: Jackowo (2/2) | To Be Sold in 2026H2
Basket 1 Grędzina Kolbuszowa Wilków Opoka Belsk Duży Jackowo Basket 2 JACKOWO (2/2) | TO BE SOLD TO THE FINANCIAL INVESTOR IN 2026H2 Jackowo is a 0.9 MWp project, located in central Poland, in Mazowieckie Voivodeship, and has already been energized in June 2025. Photos of Jackowo project Q3 2025 48
Slide 49: Nysa I & II | To Be Sold in 2026H2
Basket 1 Basket 2 Nysa I & II Kazubek NYSA I & II | TO BE SOLD TO THE FINANCIAL INVESTOR IN 2026H2 Nysa is the biggest project in the portfolio, with a combined capacity of 10 MWp, located in the Opolskie Voivodeship in south-western Poland. The energization is scheduled for May 2026. Portfolio over
Slide 50: Nysa I & II | To Be Sold in 2026H2
Basket 1 Basket 2 Nysa I & II Kazubek NYSA I & II | TO BE SOLD TO THE FINANCIAL INVESTOR IN 2026H2 Nysa is the biggest project in the portfolio, with a combined capacity of 10 MWp, located in the Opolskie Voivodeship in south-western Poland. The energization is scheduled for May 2026. Photos of Nysa
Slide 51: Kazubek | To Be Sold in 2027H1
Basket 1 Basket 2 Nysa I & II Kazubek KAZUBEK | TO BE SOLD TO THE FINANCIAL INVESTOR IN 2027H1 Kazubek is a 6.45 MWp project located in Wielkopolskie Voivodeship, in central Poland. The energization is scheduled for December 2026. Portfolio overview Location Kazubek, Koniński County, Geographical Pl
Slide 52: Calea 1 (51 MWp)
CALEA 1 (51 MWP) Project is fully licenced and has commenced commercial operation. Project Overview • Calea 1 comprises 5 project SPVs with a total installed capacity of 51 MWp. Each SPV has its own medium voltage trafo station, Capacity Breakdown (MWp) being connected to Energie Distributie Oltenia
Slide 53: Calea 1 – Aerial Location
CALEA 1 – AERIAL LOCATION Filiasi Iancu Jianu Bobicești/Balș Iancu Jianu 1 Filiași 1 Bobicești Iancu Jianu 2 Filiași 2 53
Slide 54: Calea 1 - Construction
CALEA 1 - CONSTRUCTION Photos of Calea 1 project during construction Q3 2024 Filiași Iancu Jianu Bobicești 54
Slide 55: Innova (71 MWp) & Dobrun (175 MWp)
INNOVA (71 MWP) & DOBRUN (175 MWP) Projects are expected to reach COD in Q4 2026 – Q4 2027. Project Overview • Projects are RtB. • Land is rented for both projects: Innova – 32-year lease term; Dobrun – 33-year lease term. • The targeted start of construction is in 2025 Q2 (Innova) and 2025 Q2 (Dobr
Slide 56: Innova & Dobrun – Aerial Location
INNOVA & DOBRUN – AERIAL LOCATION Danube Solar Eleven & Danube Solar One AJ Renewables Dobrun Dolj County Olt County Danube Solar Eleven Danube Solar One 56
Slide 57: Innova 1 - Construction
INNOVA 1 - CONSTRUCTION Photos of Innova 1 project during construction Q1 2026 Danube Solar One Danube Solar Eleven 57
Slide 58: Annex 2: Overview of the Risk Factors
06 OVERVIEW OF THE FUND‘S MANAGEMENT 10 FUND & TRANSACTION STRUCTURE 17 PORTFOLIO OVERVIEW 24 KEY PARTNERS & MARKET OUTLOOK 32 KEY CONDITIONS OF THE BOND ISSUE 36 ANNEX 1: DETAILED PORTFOLIO OVERVIEW 58 ANNEX 2: OVERVIEW OF THE RISK FACTORS
Slide 59: Overview of the Risk Factors
OVERVIEW OF THE RISK FACTORS Investing into the Bonds issued by the Company entails various risks. Each prospective investor in the Bonds should thoroughly consider all the information in this Prospectus, including the risk factors described below. Any of the risk factors described below, as well as
Slide 60: Overview of the Risk Factors: Issuer Solvency
OVERVIEW OF THE RISK FACTORS Financial standing and solvency risk of the Company The Company is a newly established limited liability company created primarily as a special purpose financing vehicle to raise funds for the refinancing of the Group’s SPVs. As a newly incorporated entity with no operat
Slide 61: Overview of the Risk Factors: External Financing
OVERVIEW OF THE RISK FACTORS Dependency on external financing sources The Guarantor and its SPVs currently intend to finance a portion of their capital expenditures for the development and construction of their projects through bank borrowings. The Guarantor and its SPVs expect to raise up to EUR 75
Slide 62: Overview of the Risk Factors: Currency Exchange
OVERVIEW OF THE RISK FACTORS Currency exchange risks Guarantor and its SPVs are operating in Romania and Poland, which are not Eurozone countries and their currencies fluctuate relative to euro. That creates several risk factors for Guarantor and its SPVs: • all the revenues from electricity sales a
Slide 63: Overview of the Risk Factors: Electricity Market
OVERVIEW OF THE RISK FACTORS Electricity market fluctuation risk As the Guarantor invests in renewable energy projects through its SPVs, it is exposed to volatility in electricity markets. Adverse price movements may reduce revenues and cash generation and may negatively affect the liquidity and val
Slide 64: Overview of the Risk Factors
OVERVIEW OF THE RISK FACTORS Moreover, certain newly constructed facilities and projects may not perform as expected. The Guarantor and its SPVs form their expectations around the performance of new facilities and projects based on assumptions, estimates, data provided by third parties and experienc
Slide 65: Overview of the Risk Factors: Asset Liquidity
OVERVIEW OF THE RISK FACTORS Asset liquidity risk Renewable energy assets are inherently illiquid due to their project-specific characteristics, regulatory dependencies, permitting frameworks and limited pool of specialised investors. As a result, the disposal of such assets or of shares in SPVs hol
Slide 66: Overview of the Risk Factors: Inadequate Insurance
OVERVIEW OF THE RISK FACTORS Inadequate insurance The SPVs develop, construct and operate renewable energy assets in Poland and Romania and maintain insurance for construction and operational risks. However, such insurance (and/or contractor warranties and performance guarantees) may not cover all l
Slide 67: Overview of the Risk Factors: Legal Disputes
OVERVIEW OF THE RISK FACTORS Risk of legal disputes Although the Group is not currently involved in any legal proceedings, disputes may arise in the future in the ordinary course of the Group’s business, as renewable energy projects and related contractual relationships involve multiple parties. The
Slide 68: Overview of the Risk Factors: Management Company
OVERVIEW OF THE RISK FACTORS Dependence on the Management Company The Guarantor and its assets are managed by the Management Company, which is responsible for implementing the Guarantor’s investment policy and strategies and for the day-to-day management and administration of its business. The Manag
Slide 69: Overview of the Risk Factors: Refinancing
OVERVIEW OF THE RISK FACTORS Refinancing risk The Company may be required to refinance some or all of its outstanding Financial Indebtedness, including the Bonds. The Issuer expects to redeem the Bonds primarily from (i) cash flows generated at the level of the Group and/or (ii) proceeds from the Gr
Slide 70: Overview of the Risk Factors: Interest Rate
OVERVIEW OF THE RISK FACTORS Interest rate risk The Bonds will bear a fixed annual interest rate calculated on their outstanding Nominal Value. Once the interest rate is determined in accordance with the procedure set out in this Prospectus, it will remain fixed until the Final Maturity Date, irresp
Slide 71: Overview of the Risk Factors: Guarantee
OVERVIEW OF THE RISK FACTORS The Guarantee does not ensure that, if the Issuer defaults under the Bonds, the Guarantor will be able to pay all amounts due to the Bondholders in full. The effectiveness and enforceability of the Guarantee may depend on the Guarantor’s financial condition (which is sub
Slide 72: Overview of the Risk Factors: Trading Market
OVERVIEW OF THE RISK FACTORS There is no active trading market for the Bonds / Risk of De-listing Event (put option) The Bonds to be issued under this Prospectus in Tranches will be applied for admission to trading on the First North, but there is no assurance that an active trading market will deve
Slide 73: create | value | together
RENEWABLE _ INL} ENERGY FUND |