Lietuvos energija expands its operations by acquiring two wind parks

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Lietuvos energija a, state-owned group, has acquired two companies which managed wind parks, UAB Eurakras in Lithuania and Tuulueenergia OU in Estonia. Thus the group has increased its energy production capacities with additional 42.3 MW.

In the Lithuanian company UAB Eurakras, Lietuvos energija has acquired the 75% shareholding from UAB Renagro and an investment company BaltCap. While for the Estonian company Tuulueenergia OU, it has acquired a 100% stake from BaltCap and minority shareholders.

The total price of the two transactions is €28 million (US$32 million). Approximately 10% of the transaction value was funded with Lietuvos energija own resources.

The Lithuanian company Eurakras operates a wind plant totaling 24 MW of capacity through 8 turbines developed by Nordex, with towers of 120 meter high and 117 meters rotor diameter. The farm construction completion was in late December 2015. The plant is located in Jurbarkas district, Lithuania.

The Estonian Tuulueenergia operates a wind plant totaling 18.3 MW of capacity. The farm was developed by the German company Enercon. The capacity of each power unit is 3 MW, the tower is 99 meters high, and the rotor is 101 meters in diameter. The construction of this wind park was completed in February 2015.The wind park is located in Mali and Tamba, Estonia.

The recent acquisition will produce 136,000 megawatt-hours of electricity per year in total.

Dalius Misiūnas, chairman of the board and CEO of Lietuvos energija, said:

"One of the strategic directions of Lietuvos energija is the growth and diversification of power generation. Naturally, based on the current environment and future prospects, we chose wind energy as one of the development directions. Assesing the market, along with development projects we have identified opportunities to acquire already existing wind parks. We are pleased that we have successfully managed to acquire two wind parks. It is the first wind power capacity of Lietuvos energija and also first investment outside Lithuania".

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