Infrastructure fund BaltCap breaks group on 30-MW wind project in Lithuania

BaltCap Infrastructure Fund, through its subsidiary Zvirgzdaiciu Energija, has launched construction on a 30-MW wind project in western Lithuania, the Baltic greenfield infrastructure investor said last week.

The private equity fund, which invests in transport, energy and infrastructure projects in the Baltics and Poland, will spend EUR 42 million (USD 45.2m) to execute the project. Around EUR 15 million of this amount will come from the fund’s own resources, while EUR 27 million will be provided by Estonia-based lender Luminor Bank.

To be installed in the town of Zvirgzdaiciai in Lithuania’s Sakiai district, the wind farm will be equipped with six turbines of GE Renewables’ Cypress platform, of 5.5 MW each. The machines, to be mounted on 121-metre masts, are due to go online in the second quarter of 2023.

The wind project is BaltCap’s third initiative in the sector. The company previously owned two wind farms totalling 42 MW in Lithuania and Estonia, which were sold to Lithuania’s Ignitis Group in 2016.

“The production of sustainable electricity produced in the Zvirgzdaiciai project next year will boost the fund’s created annual CO2 savings by about a quarter [..],” said Sarunas Stepukonis, partner at BaltCap.

(EUR 1.0 = USD 1.076)

Choose your newsletter by Renewables Now. Join for free!