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International Internet Magazine. Baltic States news & analytics Tuesday, 19.03.2024, 09:30

Lithuania's E Energija to invest EUR 150 mln into wind farm

BC, Vilnius, 19.09.2018.Print version
E Energija, a Lithuanian energy group controlled by the European Bank for Reconstruction and Development and businessman Virginijus Strioga, plans to invest around 150 million euros into a wind farm in the district of Kelme, western Lithuania, according the Verslo Zinios business daily information writes LETA/BNS.

CEO Gediminas Uloza says the group has already received a development license and plans to start construction in the spring of 2020. According to Uloza, the company's investment will not include any subsidies and return on investment is expected in around 15 years.

E Energija has invested into the heating business in some Lithuanian cities and also invested in the heating business of the Latvian city of Rezekne but local authorities later terminated the lease contract earlier.

The international arbitration in Washington ruled last December that Latvia must pay E Energija 3.7 mln euros in compensation, although the Lithuanian company had asked for 7.24 mln euros.

Latvia is currently seeking the annulment of this ruling.






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