SEB and KFW IPEX to finance wind project in western Lithuania

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SEB and KFW IPEX to finance wind project in western Lithuania

Lithuania's SEB Bankas and Germany’s KfW Ipex have provided a €89.3-million loan to Silutes Vejo Projektai to finance the construction of a 60-MW wind farm in the district of Silute, Western Lithuania.

The project is worth €119.5 million in total.

Tadas Navickas, CEO of 4 Energija, the owner of Silutes Vejo Projektai, said in a press release:

“By developing this project we are increasing the scale of electricity generation in the country, we are involved in the expansion of the entire energy sector.”

The remaining funds would be provided by equity from Nelja Energia, the owner of 4 Energija. The banks financing the project have obtained a guarantee from Germany’s export credit agency.

The new wind farm, which would operate 24 General Electric turbines, will put in operation in 2016. By then the total capacity of Nelja Energia’s wind farms in Lithuania would increase to 139 MW. 4 Energija currently operates four wind farms in Lithuania.

Nelja Energija has until now invested approximately €120 million in Lithuania.

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