Lietuvos Energija is Acquiring a Wind Farm Development Project in Poland

2018-11-05
Lietuvos Energija, a group of energy companies, further pursues the international strategy provided for in the Strategy LE 2030 signed a conditional agreement on the acquisition of a project for the development of wind farm in Poland. That will be the first wind farm built by the Group itself.
 
Lietuvos Energija is planning to acquire the wind farm project from Wento, a Polish company developing wind and solar power plants. The planned wind farm capacity is approximately 50 megawatts (MW). The construction works of the farm of nineteen wind turbines will start in 2019 and the start of operations is scheduled for 2021.
 
The wind farm project will take part in the feed-in-tariff auction for renewable energy resources in Poland in November. It is estimated that the transaction will be completed in 2019 when all preconditions are successfully complied with. One of such preconditions is the award of the CfD tariff in the auction.
 
“With this transaction Lietuvos Energija will make one more step to its objective – to hold 400 megawatts of green generation capacities in Poland and the Baltic states by 2020. The new wind power plant farm will strengthen the position of the Group internationally and will help to diversify the generation portfolio,” said Darius Maikštėnas, Chairman of the Board and CEO of Lietuvos Energija.
 
Poland, in his view, is a priority market for Lietuvos Energija Group where it seeks major growth. There is already a Group company operating in the wholesale of energy products in Poland – GetOn Energy. In October, the position of regional manager was opened up in Warsaw. This position is held by Diana Kazakevič.
 
This is already the second acquisition in the renewable energy sector by Lietuvos Energija this year. In August, the company signed the shares sale and purchase agreement to acquire Vėjo Vatas and Vėjo Gūsis, which increased the capacity of the wind power plants held by Lietuvos Energija to 76 MW.
 
With the completion of the transactions in Lithuania and completion of wind farm project in Poland, Lietuvos Energija will secure the portfolio of wind farms of around 125 megawatts in installed capacity.
 
The investments by Lietuvos Energija Group are expected to amount to EUR 6 billion over 12 years. The majority of them will be targeted at smart and green energy. It is estimated that half of the value to be created by Lietuvos Energija Group will be generated by green energy, in foreign markets and from commercial activities and unregulated activities.