GE and E Energija Partner to Deliver 68.9 MW Wind Farm in Lithuania with Cypress Turbines

Source Company Press Release
Company General Electric Company
Tags Country: Lithuania, M&A: Asset Deal, Deals, Renewables: Renewables News, Segment: Power
Date August 17, 2020
  • GE Renewable Energy to deliver 13 of its Cypress 5.3MW turbines, its largest onshore wind turbine technology in the field, to E energija Telšiai wind farm in Lithuania.
  • The 68.9 MW onshore wind farm is the first significant subsidy free development in the Baltic states and will power the equivalent of 78,300 homes in Lithuania.
  • GE Capital’s Energy Financial Services and E energija partner to co-sponsor the onshore wind farm project.
  • Co-sponsors reach financial close with SEB Bank on senior debt financing solution and sign the largest wind farm PPA in the region with Eesti Energia. 

GE Renewable Energy announced today it will supply 13 of its 5.3MW Cypress wind turbines, its largest onshore wind turbine in the field, and provide a 25-year Full Services Agreement (FSA) to the E energija Telšiai onshore wind farm  (“Project”) in Lithuania. Located approximately 250km north west of capital Vilnius, the 68.9 MW onshore wind farm, the first significant subsidy free development in the Baltic states, will generate enough renewable energy to power the equivalent of around 78,300 homes in Lithuania, and will play a significant role in supporting the country’s target to increase its share of renewable energy sources to 45% by 2030.

Peter Wells, CEO of GE Onshore Wind Europe, said: “The E energija Telšiai onshore wind farm in Lithuania demonstrates the appetite in the Baltic nations to use the most innovative wind technology to support its shift to sustainable and efficient renewable energy and support the country’s overall energy mix. The Project showcases GE’s unique capability to work across the value chain in onshore wind to connect finance and innovative technology globally.”

Co-sponsors GE Capital’s Energy Financial Services (“GE EFS”) and E energija reached financial close last week with SEB Bank, part of Skandinaviska Enskilda Banken AB, a Swedish financial group, on a project financing package for the 68.9 MW E energija Telšiai onshore wind farm, which is underpinned by a 10-year Power Purchase Agreement (PPA) with Eesti Energia AS, Estonian state-owned utility company. This represents the largest bilateral PPA in the regional renewables sector to date, and a key milestone as the country sets its sights on a subsidy-free future for renewables.

Jon Stark, GE EFS’ US/ EU Renewables Commercial Leader, said: “The joint venture with E energija represents the first investment by GE Energy Financial Services in Baltic region, which is expecting further growth. Our partnership with an established regional energy market leader has created an opportunity to be part of the renewable energy story in the region. Through GE’s state-of-the-art onshore technology and innovative finance solution, we are supporting the development of one of the most efficient wind farms in Lithuania.”

Initial civil and electrical work commenced in July 2020, and the first turbine delivery of GE’s Cypress platform is expected in April 2021. The Project is expected to reach commercial operations by the end of 2021.

Gediminas Uloza, CEO of E energija, said: “The Telsiai wind farm project is yet another example of E energija experience in initiating and delivering breakthrough renewable energy projects, managing joint ventures with leading global companies and financial institutions, and utilizing local opportunities in Northeast Europe. For the Baltics, it is also an important milestone as E energija Telsiai wind farm is the first significant subsidy-free wind farm project in the region which has only become possible with some of the most innovative technology and co-investment from global energy market leader, General Electric.”

The Cypress onshore wind platform enables significant Annual Energy Production (AEP) improvements, increased efficiency in serviceability, improved logistics and siting potential, and ultimately more value for customers. The two-piece blade design enables blades to be manufactured at even longer lengths, improving logistics to drive costs down and offer more siting options in locations that were previously inaccessible.

Source: EvaluateEnergy® ©2024 EvaluateEnergy Ltd