E energija group & GE Energy Financial Services announce that they have closed a transaction to sell 100% of shares of the 69 megawatt (MW) operating onshore wind farm in the Telšiai region Lithuania to Encavis AG, the Hamburg-based wind and solar park operator. The wind farm consists of 13 GE Renewable Energy's 5.3 megawatts (MW) new generation Cypress wind turbines. It is the first wind farm of this size built and connected to the grid in Lithuania since 2016.
The acquisition is the first investment into a wind farm in Lithuania by Encavis AG, one of the leading independent power producers in Europe. The electricity generated by this park significantly increases (by approximately 17%) the amount of domestic wind electricity produced in Lithuania compared to 2021.
Furthermore, E energija group will partner with Encavis as the commercial and technical asset manager, ensuring the efficient operation of the wind farm together with General Electric Lithuania, with the latter providing a full-scope service for a 30-year period.
“We are pleased to partner with Encavis, a leading European IPP. In close cooperation with Encavis, E energija group will further ensure the reliable operation of the wind farm and utilize its expertise to expand its portfolio with more renewable energy projects. This deal with Encavis will enable us to move forward on developing projects on a larger scale and contribute even more significantly to building up an energy independent future for our country and mitigate climate change”, says Gediminas Uloza, CEO of the E energija group.
The project was developed by the E energija group and GE Energy Financial Services as co-sponsors of the wind farm’s project company. It was the first wind farm built without state aid and feed-in tariff in Lithuania. For this project, the German BayernLB structured and financed a green loan covered by the German export credit agency Euler Hermes.
“Developing this project was a cross-border effort and partnership with E energija,” emphasizes Fabio Borba, Managing Director, GE Energy Financial Services, and “we are delighted to invest in such a landmark project and play a significant role through direct equity investment to accelerate the energy transition in Lithuania. We look forward to helping our customers to decarbonise across Europe through financial and technology solutions.”
In the municipality of Tryškiai, close to the wind farm, E energija group also invested in a service centre building. It serves as an office for General Electric Lithuania and E energija employees who are servicing the wind park and other wind farms under construction in the region.
About E energija group:
E energija group was founded in 1994 as an engineering company and started developing wind farms 10 years ago. In the Telšiai region, E energija group plans to build at least another 200 MW of wind and 200 MW of solar projects. A 9 MW wind park is currently under construction in the Kelme district and construction of a 300 MW wind park in Kelme will start next year. In total, the company aims to develop a portfolio of up to 2,000 MW of wind, solar and hybrid projects in Lithuania and neighbouring countries over the next 5 years.
Additional information can be found on www.e-energija.lt
About GE Energy Financial Services
GE Energy Financial Services (“GE EFS”) is a global energy investor with 45+ years managing assets through multiple energy cycles. GE EFS has built a sophisticated and experienced financial business connecting capital and technology through financing solutions for complex, capital-intensive energy infrastructure projects. GE EFS has deployed over $50B+ of capital into 20+ GW of renewable energy projects and 50+ GW of thermal power projects globally. GE EFS leverages its own balance sheet as well as strategic partnerships and relationships to finance these large projects. It is headquartered in Connecticut with regional hubs in London, Houston, Washington D.C. and Singapore.
For more information, visit www.geenergyfinancialservices.com and follow us on Twitter @GEEnergyFinServ and LinkedIn.
About ENCAVIS:
Encavis AG (Prime Standard; ISIN: DE0006095003; ticker symbol: ECV) is a producer of electricity from Renewable Energies listed on the MDAX of Deutsche Börse AG. As one of the leading independent power producers (IPP), ENCAVIS acquires and operates (onshore) wind farms and solar parks in twelve European countries. The plants for sustainable energy production generate stable yields through guaranteed feed-in tariffs (FIT) or long-term power purchase agreements (PPA). The Encavis Group's total generation capacity currently adds up to more than 3.4 gigawatts (GW), which corresponds to a total saving of more than 1.4 million tonnes of CO2 per year. Within the Encavis Group, Encavis Asset Management AG offers fund services to institutional investors.
Encavis is a signatory of the UN Global Compact as well as of the UN PRI network. Encavis AG's environmental, social and governance performance has been awarded by two of the world's leading ESG rating agencies. MSCI ESG Ratings awarded the corporate ESG performance with their "A" level and ISS ESG with their "Prime" label.
Additional information can be found on www.encavis.com
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