INVESTMENT STRATEGY & OBJECTIVES
The Fund’s strategy is to provide investors with access to proven and stable financial returns, capitalising on the significant reduction in costs in solar PV technology, which is now economically competitive with fossil fuel sources, especially in regions with high levels of solar irradiation like Cyprus. The Fund seeks to make equity and equity-related investments in a bespoke, diversified portfolio of small to medium sized, ready-to-build solar PV projects, initially in Cyprus.
- Regulated Fund (AIF)
- 8-year track record (2018-2025)
- Stable financial returns
- Diversified Portfolio of projects
Established in 2018, Hephaestus II is a regulated alternative investment fund, offering investors attractive risk-adjusted returns, mainly in the form of income.. Since 2023, Hephaestus II invests in solar energy projects (“Projects”). The Fund typically seeks to acquire sole ownership of individual Projects through special purpose vehicles (“SPV”) but may enter into joint ventures or acquire majority interests. Where an interest of less than 100% in a particular asset is acquired, the Fund secures voting rights through shareholders’ agreements or other legal arrangements. Investments in the Fund into solar PV assets may be either by way of equity or a mix of equity and/or loans.
Fund Manager
Argus Management Ltd is a CySEC-regulated Alternative Investment Fund Manager (AIFM) based in Cyprus, providing professional fund management and oversight services under Licence No. 44/56/2013. With expertise across multi-asset, private equity, and real-asset strategies, Argus ensures the effective implementation, governance, and risk management of Hephaestus II in line with the highest regulatory and fiduciary standards.
Current Portfolio
The Fund acquired several commercial / industrial rooftop photovoltaic system projects (“PayGreen Projects”), operating based on the “Build, Operate and Transfer”. These Projects are held via Soleverde Ltd (SPV) and they were acquired from Energy Intel Group, which is a leading Engineering, Procurement and Construction company, also active in origination and development of solar energy projects, advanced home EV and business chargers and innovative thermal storage solutions.
Currently, Soleverde has 6 installed, connected and yielding Projects, 1 at Junior School Nicosia and 5 at Voici La Mode (M&S) locations, totalling 380 KWp.
The Fund’s Values
The Hephaestus II Fund is committed to the TeamVision Group’s values:
Innovation
We work with creative and committed business founders and professionals, who add value by constantly innovating and evolving.
Transparency
Transparency is key; in everything we do; from our rigorous and diligent investment process and decision making, to our communications with stakeholders.
Integrity
Integrity and trust are inherent in everything that we do, in order to build honest and productive relationships with our investors, business partners, and colleagues.
WHY INVEST IN SOLAR ENERGY?
Solar power in Cyprus is far more available than in almost all of the rest of Europe — the island enjoys very high irradiation levels and more than 300 clear sunny days per year, making it a very favourable location for solar generation.
Solar power generation is now economically viable even in markets not typically characterised by high levels of irradiation such as Cyprus, thanks to falling equipment costs, improved efficiency, and supportive regulatory frameworks.
In fact, by end-2024 Cyprus had reached approximately 797 MW of installed photovoltaic capacity, following an addition of 159 MW during 2024 alone. The share of renewables in electricity generation reached around 20.2% in 2023.
According to government and international forecasts, solar energy could contribute 25%-40% (or more) of the island’s electricity supply by 2030.
Government targets:
- 2,000 MW of solar generation by 2030
- 5,000 MW by 2050 (a 10-fold increase vs 2022)
Installed capacity (2024): ~797 MW, with 159 MW added in a single year.
Self-consumption PV installations: ~45,000 systems under net-metering / net-billing (≈ 256 MW).
- Regulated Fund (AIF)
- Established in 2018
- Risk-Adjusted Returns
- Stable Financial Returns
- Reduced PV costs
- Diversified Portfolio
Hephaestus II Fund
Investments
The global effort to reverse climate change has been top of mind for investors, with the current energy crisis highlighting once again the pressing need for drastically increasing the use of renewable energy sources (RES) in power generation. The EU 2050 target of a near zero carbon economy places a great deal of pressure on member states to accelerate investments in alternative sources of energy.
By conservative industry estimates, Cyprus will require a minimum of €10 billion of investment (€5 billion by 2030) to increase the share of RES in electricity production. Solar photovoltaic (PV) and solar thermal parks will receive the lion share of these investments, especially given the emerging storage solutions, which allow for autonomous solutions to be installed in remote areas, without any grid dependency.
RES investments present low risk opportunities with predictable and steady income streams, appropriate and useful allocations in portfolios of both institutional and retail investors. Importantly, these opportunities also serve the societal goal of tackling the source of rising global temperatures and air pollution, leading the way to a sustainable future.
The Fund currently focuses on small to medium sized photovoltaic projects in Cyprus, where solar energy is more available than in all of Europe. Installed solar energy infrastructure will grow about 5 – fold by 2030 to 2,000 MW (€5 billion of investment). There is therefore both large demand and attractive investment returns to be achieved in the development of photovoltaic projects.
The Fund’s “Paygreen” projects, comprise photovoltaic system installations on rooftops of commercial buildings and they have the added benefit of already being connected to the grid. The customer pays nothing upfront and benefits from a low, fixed electricity price per KWh.
Hephaestus II Fund
Key Investment Highlights
We think green
Unlimited Energy Source:
More solar energy reaches the earth in one hour than the total energy used by the global population in a year.
Proven and Cost-Effective Technology:
Solar PV systems and associated equipment now deliver reliable performance over 25-40 years, with relatively low operating and maintenance costs, making them a scaled and bankable solution.
Strong Regulatory Tailwinds & Growth Potential:
Cyprus has committed to increasing its renewable energy share significantly by 2030 and beyond, creating strong demand for new solar infrastructure and services.
Climate Change & Decarbonisation Solution:
Solar energy is a cornerstone in achieving CO₂-emission-reduction targets and reducing dependency on fossil-fuel imports — a key strategic advantage for the island.
Attractive Local Conditions:
With high irradiation, good solar resource data and increasing adoption of rooftop and utility-scale PV systems, the market environment is highly favourable.
