Professionals of the law firm TESET advised the investment management company Eika Asset Management UAB on the establishment of a new closed-end investment fund for informed investors, Eika Green Energy Fund (after that – the Fund).
The Fund 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 Fund will follow the regulation relating to Sustainable Finance Disclosure Regulation (SFDR) in the financial services sector with its Dark Green Article 9 products. Dark Green products are products whose sole purpose is sustainable investment.
Professionals of the law firm TESET advised the client on structuring of the Fund, drafted all documents of the Fund, including rules, prospectus, key information document of the Fund and other internal procedures, required for the activity of the Fund, as well as represented the client at the Bank of Lithuania.