Lithuanian closed-end investment company JSC Atsinaujinancios energetikos investicijos (AIE) said Friday that it has acquired three wind projects totalling 186 MW in the home market under a deal with Denmark’s European Energy A/S.
The Danish wind and solar developer announced the agreement about a month ago, but did not name the buyer. Financial terms remain undisclosed.
AIE also revealed that the three wind farms will be operating under ten-year power purchase agreements (PPAs) with Swiss renewable power producer and energy trader Axpo Holding AG. Axpo will hedge parts of the wind farms’ power production under the PPAs, the Swiss company said in a separate statement.
The projects, known as Anyksciai, Rokiskis and Jonava, are currently under construction. European Energy, which developed them, is now providing construction management services, and will perform technical and commercial management services once the wind farms start operation.
General Electric (NYSE:GE) supplied a total of 34 units of 5.5-MW turbines for the trio, and will service the machines under a 30-year maintenance contract.
Danish investment manager AIP Management, on behalf of its investors, has provided long-term project financing.
The first turbines are expected to start turning in December 2021. All three wind farms are set to become fully operational by the end of 2022, AIE said.
AIE is managed by Lithuania’s Lords LB Asset Management alongside Taaleri SolarWind II fund, part of Finnish asset manager Taaleri Plc (HEL:TAALA). AIE operates 68.1 MW of solar farms in Poland and Lithuania, and is developing a new 74-MW solar project in Poland, according to the statement.
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