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International Internet Magazine. Baltic States news & analytics Thursday, 21.02.2019, 22:38

Lietuvos Energija buying three wind farms from Stemma Group

BC, Vilnius, 10.08.2018.Print version
Lithuania's state-run energy holding Lietuvos Energija (Lithuanian Energy) wants to buy 100-percent stakes in companies Vejo Vatas and Vejo Gusis, from Lithuania's Stemma Group, a company controlled by the family of Martinas Gusiatinas, a former shareholder of Klaipedos Smelte, one of the largest cargo handling companies at the port of Klaipeda, Lietuvos Energija has announced LETA/BNS.

Vejo Vatas operates a 14.9M wind farm and Vejo Gusis operates two - 10MW and 9.1 MW – wind farms with a total capacity of 34MW. After a contract is signed, the companies will turn to the Competition Council for its approval, with the deal expected to be completed after its endorsement.

Lietuvos Energija says the acquisition will make it the second-largest producer of wind energy in the Baltic states with a 9% market share.

LETA/BNS Lithuania reported in June that Stemma Group is selling its four wind farms with the total capacity of 109 megawatts. The company then refused to reveal the buyer, or the value of the deal. But sources toldthat Lietuvos Energija was their potential buyer. The company then refrain from comment.

Earlier this year, Lietuvos Energija wanted to acquire Nelja Energia, a company operating 17 wind farms and other power plants in Lithuania, Latvia and Estonia, with the total capacity of 287 megawatts. But the sellers, Norway's Vardar and other investors, sold Nelja Energia to Estonian energy group Eesti Energia.

In recent years, Lietuvos Energija has acquired Eurakras, a company operating wind farms in Lithuania, and Estonia's Tuulueenergia for 32 million euros. The former operated a 24 MW wind farm in Jurbarkas District, western Lithuania, and the latter operated a 18.3 MW wind park in Estonia.

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