Infrastructure

portfolio

Trigal Infrastructure Fund invests in contracted renewable energy and energy efficiency projects across the Adria region.

ALTERNATIVE INVESTMENT MANAGEMENT

Our projects

Our portfolio is structured around long-term agreements with corporate and public-sector counterparties, supporting income visibility and conservative risk exposure.

RES PV

SLOVENIA

In July 2024, the Fund acquired a 90% stake in RES PV d.o.o., including shareholder loans. The company develops, manages, and operates solar power plants supplying electricity to contracted customers.

The platform focuses on long-term power purchase structures designed to provide predictable cash flows.

Key Facts

  • Investment type: Renewable energy / Solar power
  • Location: Slovenia
  • Ownership: 90% Trigal Infrastructure Fund / 10% RESALTA d.o.o.
  • Established: 2020

Operating Projects

  • SPP Fraport: 25-year contract (Jan 2022 – Jan 2047)
  • SPP Feniks: 25-year contract (Oct 2023 – Oct 2048)
  • SPP Rezidenca: 25-year contract (Sep 2023 – Sep 2048)
  • SPP Orodjarstvo Knific: 15-year contract (Nov 2023 – Nov 2038)

Contract Structure & Characteristics

  • Long-term contracted electricity sales
  • “Pay-as-produce” model
  • No volume obligation for off-taker beyond production
  • Limited exposure to electricity market volatility

Investment Profile

Backed by a strong contractual structure and limited exposure to broader market fluctuations, the investment is designed to target an internal rate of return (IRR) of approximately 6.8%

Cash flows are primarily driven by long-term contracted revenues.

RESALTA‑SPV1

CROATIA

In August 2024, the Fund acquired 100% of RESALTA‑SPV1 d.o.o., a Croatian company specializing in lighting modernization and energy efficiency solutions for corporate clients.

The business model is based on contractual energy savings agreements with defined payment structures.

Key Facts

  • Investment type: Energy efficiency / Lighting modernization
  • Location: Croatia
  • Ownership: 100% Trigal Infrastructure Fund
  • Established: 2016

Projects

  • Project IMPOL: 5-year contract (May 2020 – May 2025) – completed
  • Point Centar: 5-year contract (Sep 2022 – Sep 2027)

 

Under these agreements, a portion of achieved energy and maintenance savings is contractually allocated to the investor.

Contract Structure & Characteristics

  • Fixed electricity pricing during contract term
  • Defined revenue-sharing mechanism
  • Project management costs borne by SPV
  • Predictable contracted revenue profile

Investment Profile

Project IMPOL achieved a gross IRR of 12.3% and a net IRR of 8.1%, exceeding the project hurdle rate.

Based on its contractual structure and limited exposure to systematic market risk, the investment is designed to target an internal rate of return (IRR) of approximately 7.5%.

Trigal Energija Rasvete

SERBIA

In July 2024, the Fund acquired 100% of Trigal Energija Rasvete d.o.o., a holding company managing five SPVs implementing public lighting modernization projects under public‑private partnership agreements.

Revenues are derived from long-term municipal contracts structured around realized energy savings.

Key Facts

  • Investment type: Energy efficiency / Public lighting
  • Location: Serbia
  • Ownership: 100% Trigal Infrastructure Fund

Operating SPVs

  • Bogatić: 13 years (Apr 2020 – Apr 2033)
  • Boečin: 13 years (Dec 2019 – Jan 2032)
  • Svilajnac: 13 years (Nov 2019 – Nov 2032)
  • Petrovac: 15 years (Dec 2017 – Jan 2032)
  • Ada & Žabalj: 12 years (Feb 2017 – Dec 2029)

Contract Structure & Characteristics

  • Municipal payments linked to achieved energy and maintenance savings
  • Fixed electricity pricing
  • Inflation-adjusted contractual components
  • Revenues denominated in EUR; operating costs primarily in RSD
  • Active operational oversight

Investment Profile

The portfolio targets an IRR of approximately 11.4%, supported by long-term contracted municipal counterparties and limited exposure to financial market volatility.