The investment management company Evernord FMĮ has issued €2.8 million worth of bonds for the energy company Pure Energy Solutions. The capital raised from investors will be used to finance the design, technology supply, construction, and commissioning of a Battery Energy Storage System (BESS) in Rietavas.
The bonds have a maturity of 2 years and an annual interest rate of 9 percent. The redemption date is December 2, 2027. The bonds are secured by a second mortgage on the project.
The total capital requirement for the project in Rietavas amounts to 29.2 million euros, making it one of the most significant grid balancing infrastructure projects in Lithuania. The BESS system will store excess electricity when demand is low and feed it back into the grid during peak demand, thereby stabilizing the power system, reducing fluctuations, and increasing grid reliability and resilience.
“Lithuania is rapidly expanding its renewable energy resources, so projects like BESS contribute to a stronger and more sustainable future for the Lithuanian energy market. Pure Energy Solutions’ financial metrics demonstrate the project’s solid economic foundation and efficient cost structure. We believe this is a good opportunity for investors to diversify their investment portfolios,” notes Vismantė Šepetienė, head of the financial investment firm “Evernord.”
UAB “Pure Energy Solutions” is a special purpose vehicle (SPV) established in 2024.
“Energy storage systems are becoming a cornerstone of Europe’s energy transition. The Rietavas BESS project is one of the most important steps in our portfolio toward building long-term clean energy infrastructure in Lithuania. ZAKARAS HOLDING’s ongoing strategy is to create a reliable and transparent capital platform that would attract institutional investors in the region and enable the implementation of even larger projects. “We are pleased that investors have placed their trust in the project, and the hard work and expertise of the Evernord team have contributed significantly to this,” notes Mindaugas Zakaras, CEO of ZAKARAS HOLDING.
Pure Energy Solutions signed a contract for the implementation of the BESS project with the EPC (Engineering, Procurement, and Construction) company MT Group, which has many years of experience in implementing high-priority energy transition projects.
The project is scheduled for completion in the fourth quarter of 2026.
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