EGEF’s first investments are 100% in line with the fund’s objective of sustainable investments that contribute to climate change mitigation. According to Viktorija Orkinė, CEO of EAM, solar parks are a priority investment for the fund. „Solar energy facilities can be developed much faster than wind or hydro. Therefore, given today’s electricity prices and demand, the fund aims to provide electricity buyers with an efficient way to stabilise electricity prices for the next 5 years as soon as possible. In both Lithuania and Cyprus, the demand for this energy exceeds the current supply, as electricity prices have more than tripled since January and future fixed-price contracts are currently being concluded for the lease of remote capacity,“ explains Ms Orkinė.
EGEF aims to make sustainable investments that contribute to climate change mitigation. Investment targets include renewable energy (solar, wind, hydro, and hybrid) plants in the European Union, technologies related to energy capture and storage, specialised bio-energy plants that convert the energy released by biochemical processes into heat and electricity, geothermal power plants and technologies that use hot water from the ground to generate heat and electricity. The fund will aim to invest at least 80% of its net asset value in environmentally sustainable economic activities.
The plots on Pilkalnio Street are located in the western part of Pilaitė, in a quiet area close to Lake Gelūžė. According to the detailed plan, the plots are planned to be used for the construction of economy class apartment houses.