Lietuvos Energija Acquired Three Wind Farms

The state-owned energy enterprise Lietuvos Energija is further expanding the capacities of renewable energy generation. The company concluded two share sale-purchase agreements to acquire a portfolio of three operating  wind farms in Lithuania, with total capacity of 34 megawatts (MW). This acquisition will increase Group’s portfolio of green generation assets and contribute to implementation of the Group’s strategy.

 

Lietuvos Energija seeks to acquire 100 percent of shareholding of “Vėjo vatas” and “Vėjo gūsis” companies from Stemma Group. “Vėjo vatas” operates one wind farm of 14.9 MW. “Vėjo gūsis” operates wind farms with the capacity of 10 MW and 9.1 MW.

 

After concluding the agreement, an appeal will be made to the Competition Council and the transaction will be finalised upon receipt of the approval thereof. The transaction has been approved by the Commission for the Protection of Objects of Importance to Ensuring National Security of the Republic of Lithuania which made a decision not to commence verification process of the transaction.

 

“The strategy of Lietuvos Energija provides for that the green energy will create half of its value by 2030. Thus, this transaction is a specific step in implementing the LE 2030 strategy, whereas the total capacities of wind farms run by Lietuvos Energija will nearly double up to 76 MW after it,” told CEO of Lietuvos Energija and Chairman of the Board Darius Maikštėnas.

 

According to Mr. Maikštėnas, land plots located in one of the windiest places of the country are acquired together with wind farms; therefore, in the future, after the end of planned service life of currently operating farms, Lietuvos Energija will have a possibility to build new wind farms. Wind farms are located in Kretinga and Tauragė districts.

 

The management and shareholders of Stemma Group are pleased that the international tender of wind farms offered for sale has been won by the Lithuanian capital company.

 

“Although after long discussions we strategically decided to reduce the package of wind power plants owned, however, we remain active players of the renewable energy market and believe in this field. We will not conceal that active negotiations have been held not with one foreign capital company, however, we are pleased that wind farms will remain in the hands of Lithuanians and will contribute to the implementation of our country’s renewable energy strategy,” claimed Ms. Inga Gusiatina, Chairperson of Stemma Group Board.

 

After this transaction Lietuvos Energija will be the second wind power generator in terms of installed capacity in the Baltic States, with 9 percent of the market.

 

 All wind farms acquired by Lietuvos Energija have fixed power purchase tariff of EUR 86.9/MWh to be valid for another 4-5 years. In total, 18 Enercon wind turbines produce approximately 86.5 GWh of electricity per year. Overall, installed wind capacity stands at 510 MW in Lithuania and 869 MW in the Baltic States.

 

It has been planned that investments of Lietuvos Energija Group will amount to 6 billion euros throughout 2030, with focus on to green energy and smart energy solutions. It has been estimated that half of the value created by Lietuvos Energija Group will be generated by green energy, in foreign markets, and from unregulated commercial activities.

 

Lietuvos Energija has set a goal to run 400 MW of the green generation capacity in the Baltic States and Poland by 2020.