BaltCap Infrastructure Fund has begun the construction of a €42m wind farm project in Lithuania.
The 30MW project will feature six 5.5MW Cypress turbines, supplied by GE Renewable Energy, and will be located in the Zvirgzdaiciai, Sakiai district.
Connecto Lietuva will construct the power substation and the turbine foundations will be built by Panevezio Statybos Trestas.
Anyksciu Melioracija will take care of the road infrastructure.
The wind farm will begin producing electricity in the second quarter of 2023.
The project will be financed by the fund’s investment of €15m and a credit of €27m will be provided by Luminor bank.
The project is being implemented by Zvirgzdaiciu Energija, a company controlled by the fund.
BaltCap partner Sarunas Stepukonis said: “This is the third wind energy project developed by BaltCap – together with our partners, we developed and sold wind power parks with a total capacity of 42MW in Lithuania and Estonia in 2016.
“The production of sustainable electricity produced by the Zvirgzdaiciai project next year will boost the fund’s created annual CO2 savings by about a quarter and will contribute to the consolidation of the region’s energy independence.”
Luminor Bank Lithuania head Andrius Nacajus said: “Luminor has been partnering with BaltCap for many years, and we appreciate the fact that the investments of the funds they manage are increasingly focused on projects where sustainability is not an adjunct but the backbone of the idea and the basis for future success.
“This is fully in line with Luminor’s approach to modern business principles.
“Moreover, renewable energy is gaining great importance for the whole of Europe in the urgent search for solutions in the face of Russian aggression and the isolation of this country.”
In 2014, BaltCap invested in a wind farm in Lithuania and Estonia.
In 2016, both wind farm companies Eurakras and Tuuleeenergia were sold to Lietuvos Energija (now Ignitis).