Swedbank lends USD 9m for 6 MW wind farm in Lithuania

(ADPnews) - Sep 14, 2010 - Swedish bank Swedbank AB (STO:SWEDA) will provide a LTL 25 million (USD 9.3m/EUR 7.2m) credit to Lithuanian wind power start-up Gemba UAB for its 6 MW project to be built in the district of Lazdijai.

This is the tenth wind farm in the country being funded by Swedbank, the bank announced yesterday, adding that it has already handed out around LTL 600 million for renewable power projects in Lithuania since 2005.

The three-turbine project will absorb a total of LTL 35.8 million. The turbines of E-82 type, delivered by Germany-based Enercon, are planned to start producing electricity in January 2011.

Earlier this year, in July, Swedbank inked a LTL 111 million financing deal for the construction of a 16.1 MW wind power project in the Taurage district, western Lithuania.

(LTL 1.0 = USD 0.373/EUR 0.290)

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