November 7 (Renewables Now) - Lithuania’s state-owned Lietuvos Energija has completed the acquisition of a 34-MW wind portfolio in Lithuania from domestic wind farm operator Stemma Group.
The power distribution group announced today it has completed the two sale-purchase agreements to buy Stemma Group’s shareholding in UAB Vejo Vatas and UAB Vejo Gusis for the total sum of EUR 21.76 million (USD 25m). The goal of the transaction was to expand and diversify the company’s activities, Lietuvos Energija pointed out.
Vejo Vatas operates a wind farm with total capacity of 14.9 MW, while Vejo Gusis’ wind parks total 10 MW and 9.1 MW, respectively.
Lietuvos Energija noted that the Commission for the Protection of Objects of Importance to Ensuring National Security of the Republic of Lithuania has decided not to start assessing the transaction for compliance with the interests of national security.
Upon completion of the transaction, Lietuvos Energija estimates that it is now the second largest wind power producer in the Baltic States, accountable for 9% of the total market’s generation.
(EUR 1.0 = USD 1.148)