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International Internet Magazine. Baltic States news & analytics Wednesday, 24.04.2024, 03:39

EBRD set to exit Lithuania's E Energija, General Electric to invest in its wind project

BC, Vilnius, 03.03.2020.Print version
The European Bank for Reconstruction and Development (EBRD) is set to exit E Energija, a Lithuania-based energy group, but is ready to lend money for its green energy projects, according to the Verslo Zinios information reported LETA/BNS.

E Energija says it will continue to work with various partners and expects the industrial, energy, services and finance group General Electric to contribute financially to its new wind farm project as a minority shareholder (around 20%). 


Under a deal reached on Monday, Energy Invest, a company controlled by businessman Virginijus Strioga, is to buy a stake in E Energija back from the EBRD, thus becoming its sole shareholder. The value of the deal is not being disclosed.


E Energija expects to bring General Electric into its project for building a 70-MW wind farm near Telsiai, northwestern Lithuania. The project is planned to be launched this year.


The EBRD purchased 23.5 percent of shares in E Energija in 2007 and provided a 15-million-loan to the company. 

 




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