UPDATE - GE buys into Lithuanian wind project of 69 MW - report

US conglomerate General Electric Co (NYSE:GE) has bought a minority stake in the developer of the 68.9-MW Telsiai onshore wind project in Lithuania that is now sponsored by both GE and Vilnius-based E Energija Group.

More specifically, GE has acquired a 20% interest in the project, E Enegija's shareholder and board member Virginijus Strioga told the Baltic News Service (BNS).

According to the report, the project cost exceeds EUR 70 million (USD 83.3m). Yesterday, GE announced and SEB Bank confirmed separately that the parties have signed a long-term credit contract of EUR 45 million for the project.

Meanwhile, Estonian state-owned utility Eesti Energia AS confirmed it has entered into a 10-year power purchase agreement (PPA) covering the entire future output of the wind park. The plant, to consist of 13 turbines of GE’s Cypress platform, is expected to generate 235 GWh of electricity per year once it goes live.

The utility said in a statement that such a long-term and large-scale renewable power purchase agreement has not been concluded in the Baltics before.

(EUR 1.0 = USD 1.190)

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