Ecology, Energy, Energy Market, EU – Baltic States, Funds, Good for Business, Lithuania, Mergers and take-overs

"This project managed to attract the attention of an investor with deep knowledge of the development of renewable energy and finance, which came for a long time," Alvydas Naujekas, head and shareholder of Veju Spektras.

Sebastien Bourget, head of Quaero European Infrastructure Fund and managing partner at Quaero Capital, says the new deal is making the company look for new opportunities for expansion in the Baltic states in the areas of energy, renewable energy, social infrastructure, telecommunications, utility services and transport.

Sales at Veju Spektras dropped 14.5% to 3.212 mln euros last year, and the company incurred a loss of 104,100 euros, compared to a profit of 292,300 euros in 2017,

EBITDA stood at 2.408 mln euros last year, according to its 2018 report submitted to the Lithuanian Center of Registers.

The company's liabilities to OP Corporate Bank' Lithuanian branch and OP Finance amounted to 15.902 mln euros at the end of last year.

In late 2018, the Netherlands-registered Stichting Administratiekantoor Revive Energy Invest had a 46.22% stake in Veju Spektras. Germany's Enercon owned 33.01% and Naujekas had 20.77%of shares.

Launched in 2012, the Silute wind farm including 10 Enercon turbines has a capacity of 21.5MW. It produced 39.962 mln kWh of power last year.