Dato for ledelsens godkendelse af årsrapporten:2024-03-29
Ledelsespåtegning:Statement by the general partner
Beskrivelse af usikkerhed ved indregning eller måling:Uncertainty about the measurement of investmentsPortfolio companies are small or medium-sized, unlisted companies which develop or operate projects within renewable energy, energy efficiency, and carbon credit-generating assets in countries in Sub-Saharan Africa. The investments are measured at fair value. As there is no active market for such or similar assets, the fair value of the investments, including receivables from the portfolio companies, is determined using valuation methods and assumptions made by management. Accordingly, the measurement of the investments, including receivables from the portfolio companies, is by nature subject to uncertainty. The investments are subject to individual risks, including but not limited to local operational risks, environmental risks, political risks, social risks as well as compliance risks and other related risks for development projects within the renewable energy sector in countries in Sub-Saharan Africa. In determining the fair value of the investments, management considers the impact from these risks. The risks may potentially materialize negatively compared to the investment managers expectations, adversely impacting the fair value. Sustainability and DisclosureFrontier Energy is dedicated to developing and implementing projects that are environmentally and socially sustainable. When developing and building a project, Frontier Energy strives to benefit the neighboring communities and to adhere to global best practice, including IFC performance standards. As part of this work, Frontier Energy has a comprehensive ESG risks assessment process including conducting full Environmental & Social Impact Assessments for all projects and further emphasizes community engagement from early phases of project development. The 2023 annual report includes sustainability disclosures in accordance with the Sustainable Finance Disclosures Regulation (SFDR). The new requirements are largely based on the latest Regulatory Technical Standards ("RTS") to the SFDR Regulation, which indicate which sustainability related information to be made available to investors through the annual report and how this information is to be presented.
Statement by Management on the annual report
Identifikation af den godkendte årsrapport:The general partner has today discussed and approved the annual report of Frontier Energy II Alpha K/S for the financial year 1 January – 31 December 2023.
Management's review
Beskrivelse af virksomhedens hovedaktivitet:Principal activitiesFrontier Energy II Alpha K/S is a private equity limited partnership. The objective of Frontier Energy II Alpha K/S is to achieve the highest possible financial return on the commitments of the partners by making, developing and realising investments in renewable energy and energy efficiency assets in countries in Sub-Saharan Africa. Frontier Energy II Alpha K/S has capital commitments totalling USD 202,904 thousand. An Investment Management Agreement has been entered into with Frontier Investment Management ApS, under which Frontier Investment Management ApS as Investment Manager is responsible for the administration of and for providing investment advisory services to Frontier Energy II Alpha K/S. The limited partnership has therefore no employees. Development in financial positionDuring 2023, Frontier Energy II Alpha K/S invested an additional USD 18,298 thousand (2022: USD 29,601 thousand) in portfolio companies and related projects. In 2023 no new projects started commercial operation. Profit for the yearIn 2023, value adjustment of investments in portfolio companies amounted to USD 13,498 thousand (2022: USD -929 thousand). In 2023, Frontier Energy II Alpha K/S realised a profit of USD 10,195 thousand (2022: loss of USD -4,201 thousand). Cost of USD 2,971 thousand relates to management fee, including VAT (2022: USD 3,036 thousand) and USD 45 thousand relates to general partner fee (2022: USD 32 thousand). Balance sheet and capital structureAt 31 December 2023, the limited partnership had called a total net amount of USD 174,876 thousand(31 December 2022: USD 152,061 thousand) of the total capital commitment of USD 202,904 thousand, corresponding to 86% (31 December 2022: 75%). At year-end 2023, total equity (net asset value) amounted to USD 180,037 thousand (31 December 2022: USD 155,819 thousand).
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