Exited investments

Wind Energy: Vėjų Spektras

In 2005 Lithuania was well behind commitments to develop its renewable energy sources. At the same time, the country had very favourable legislative environment and green energy prices. So at the end of 2005 LHV Capital invested in Vėjų Spektras. The investment was used to build a 30 MW wind park. It went into operation at the end of 2006-beginning of 2007 and was the largest wind park in the Baltic states at the time of the opening. It consisted of fifteen 2MW generator units. LHV Capital held a majority share. The other partners in the business where Enercon GmbH., the leading German maker of wind turbines, and a group of private individuals. After operating wind park for several years, in 2011 Vėjų Spektras sold it to INTER RAO Lietuva, a subsidiary of Russian electricity monopoly generating 20% IRR and 2,3 times money multiple on the investment of LHV Capital.