NOVA Real Estate
In August 2022, the appreciation of the NOVA Real Estate fund reached a value of 0.98% and thus the total
appreciation since the beginning of the year is 5.11%.
In August, we completed the reconstruction of the facilities in the Panorama Office Center building. The newly
created premises will serve tenants who get to work actively, either by bicycle, scooter or running. We built a
dressing room with lockers and a shower room. We believe that this move will make the building even more
attractive to tenants. At the same time, we contribute to reducing the negative effects on the environment
caused by passive individual transport.
In the Anděl 17 building, the new tenant has taken over retail space with an area of approx. 290 m2, which will
be used partly as offices, but at the same time it will also build a cafe and a studio for recording podcasts. We
hope that this use will make the building attractive and help support the specific genius loci.
We respond to the energy crisis mainly with technical measures, when we audit and streamline technology
settings. At the same time, we actively cooperate with tenants to optimize the supply of air, cold and heat. At
the moment, we have secured energy supplies for next year, when we mostly choose contracts for spot prices
with the possibility of fixing in case there is a positive market development.
NOVA Green Energy Sub-Fund 1
The appreciation of Subfund 1 for the month of August 2022 was 0.40%, and for the year 2022 it was 3.59%
In the case of Hungarian power plants, we managed to conclude an agreement with the financing bank
regarding securing rates, where part of the agreement also includes the repayment of part of the senior bank
loan. Thanks to this contract, the threat to the project's financial position due to rising interest rates has
been significantly reduced, and at the same time, the project is not forced to enter into long-term interest
rate fixes under the current disadvantageous conditions. Appropriate timing also led to the repayment of
part of the loan - a weaker exchange rate of the forint against the euro.
In the Krnča biomass heating plant, Subfund 1 is taking steps for financial-operational optimization with
regard to the current situation on the electricity market, but also on the biomass chip market and the wood
market in general. In connection with this, Subfund 1 also convenes a general meeting of the company
covering this heating plant.NOVA Green Energy Sub-Fund 2
The appreciation of Subfund 2 for the month of August 2022 was 0.53%, and for the year 2022 it was 1.62% YTD.
After the opening of Subfund 2 in June, the subfund is already registering the entry of the first new investors. Even their
investment gives us the opportunity to work intensively on several new PV projects. We are currently working mainly on
several projects in the Czech Republic - specifically, smaller (in the order of hundreds of kWp) rooftop installations and
also one larger photovoltaic power plant with an output of around 7 MWp located on a brownfield that is otherwise
difficult to use. There is a limited amount of such available areas in the Czech Republic, as the majority of suitable
brownfields for larger PV plants are already owned by large energy players.
In the last few years, from the point of view of our investment strategy, the conditions for investments in the development
of PV plants in the Czech Republic were not suitable, because the absence of operational and investment support, and at
the same time low electricity prices (at a level below EUR 50/MWh) practically did not allow investing in the construction
of new PV plants, and this despite gradually falling construction costs. Currently, electricity prices have stabilized at around
EUR 500/MWh for the year 2023 and, even in the long term, they are well above EUR 100/MWh. With these long-term
higher prices, it already makes sense to invest in new PV plants in the Czech Republic, despite the higher construction
costs associated with inflation and generally higher demand for PV plants.
The production of photovoltaic power plants in the last 3 summer months was always above the expected value according
to the energy audit, by approximately 10%.