Energy, EU – Baltic States, Good for Business, Lithuania

Andrius Cypas, head of European Energy Lithuania, established in Lithuania last year, says the company decided to enter Lithuania due to a low risk for investment here.

"As a country, Lithuania is trustworthy for investment. That's the key criterion which determined the company's arrival in Lithuania. As well as Lithuania's plans to disconnect from third countries. As you know, Lithuania now imports around 60 percent of power from other countries," he told.

Cypas did not disclose the value of the future investment. Meanwhile, Radavicius says investment into a 1MW wind power plant stands at around 1 mln euros. Therefore, the value of the whole Danish investment should be around 500 mln euros.

Cypas say the construction could start in two years.

Radavicius has doubts over the Danish plans to develop 500MW find power plant parks as there are certain restrictions in Lithuania.

There are over 20 wind parks in Lithuania with a total installed capacity of over 500MW.

European Energy has developed over 1,000MW of wind and solar power parks and is now building parks in Denmark, Finland, Sweden, Germany, Italy, Brazil and Mexico.

European Energy posted 186.7 mln euros in revenue in 2017.