Eesti Energia AS Investment Decision of 75MW Wind Park in Lithuania (8882M)
24 Septembre 2021 - 10:42AM
UK Regulatory
TIDM96DB
RNS Number : 8882M
Eesti Energia AS
24 September 2021
NOT FOR RELEASE, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES OF
AMERICA (INCLUDING ITS TERRITORIES AND POSSESSIONS, ANY STATE OF
THE UNITED STATES AND THE DISTRICT OF COLUMBIA), AUSTRALIA, CANADA,
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WHERE TO DO SO WOULD BE UNLAWFUL.
Final Investment Decision of 75MW Wind Park in Lithuania
Eesti Energia Group's Supervisory Board has given consent to the
final investment decision for the construction and commissioning of
the 75MW Akmene wind park in Lithuania developed by Enefit Green
AS, 100% subsidiary of Eesti Energia. As a result of the
Supervisory Board's decision, relevant agreements have been signed
between the 100% subsidiary part of the Enefit Green AS group, UAB
"Vejo parkai", and the provider of wind turbines, General Electric.
The wind farm balance of plant construction works will be performed
by UAB Merko statyba, part of AS Merko Ehitus group, a Baltic
leading construction company, which offers construction services in
the fields of general construction and residential
construction.
The investment decision will enable Eesti Energia Group to
realize the growth plan of renewable electricity production. Akmene
wind park shall include up to 14 wind turbines with nominal
capacities of 5.3 and 5.5 MW. The total investment is about 85
million euros, from which the turbine agreement amounts to 66
million euros and the construction works to ca 19 million euros.
The annual forecasted production of the wind power station is about
258 GWh which makes it the largest wind park in Eesti Energia
Group. Eesti Energia Group's current annual renewable electricity
production from wind and solar assets is around 1.1 TWh.
The wind park's commissiong is expected to take place by the end
of 2023, while construction works by UAB Merko statyba are expected
to be completed in the third quarter 2022. The revenue of the wind
park is hedged through Power Purchase Agreement (PPA) for first
five years of production at 80% through the co-operation of Eesti
Energia's client services unit that has strong Baltic coverage.
This has enabled Eesti Energia Group to find electricity consumers
willing to buy the renewable energy of the to-be-constructed Akmene
75MW wind park.
Rasmus Noormägi
Head of Investor Relations and Treasury
Eesti Energia AS
Tel: +372 465 2885
rasmus.noormagi@energia.ee
***
The information contained in this announcement does not
constitute or form part of any offer for sale or subscription of or
solicitation of any offer to buy or subscribe for any securities in
the United States, nor shall it or any part of it form the basis of
or be relied on in connection with any contract or commitment
whatsoever. Under the U.S. Securities Act of 1933, as amended,
securities may not be offered or sold in the United States absent
registration or an exemption from registration. Eesti Energia AS
does not intend to register any portion of any offering of
securities in the United States or to conduct a public offering of
any securities in the United States.
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END
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