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"The development of the solar plant project starting in January," the company has told BNS. "The 1- MW solar farm is planned to start operating at full capacity in the last quarter of this year." 

According to Neo Group, the solar farm will generate almost 0.9 million kilowatt-hours of electricity per year. The plant in Klaipeda already derives all of its electricity from renewable sources, but it will continue to increase its green energy output to meet its growing PET production capacity needs.

The total investment in the solar farm project, which is co-funded by the EU, amounts to about 0.8 million euros.

This year, the company plans to install advanced technology for recycling PET raw materials for use in production. Recycled PET flakes will make for up to 15 percent of its raw materials.

Neo Group last year saw its revenue decline by 6 percent, compared with 2018, to 509 million euros. Its annual net profit dropped by 23 percent to 24.3 million euros. 

Neo Group is part of Retal Industries, an international group whose president and majority shareholder is Anatoly Martynov, a citizen of Cyprus.