aA
Lithuania's state-run energy group Ignitis Group (formerly known as Lietuvos Energija (Lithuanian Energy) has withdrawn from the contract with Poland's Wento on the acquisition of the latter's wind farm project after the Polish company failed to secure a feed-in tariff.
Vėjo jėgainė
Vėjo jėgainė
© Shutterstock

The Lithuanian group said it had planned to acquire the wind farm on precondition that it would secure a feed-in tariff during an auction. The parties did not suffer any loss due to the end of the contract.

"As this precondition was not met, the contract was ended based on the mutual agreement but negotiations on the implementation of this project continued for some time. Nevertheless, the parties failed to reach a common agreement," the group said.

The Ignitis Group announced last November it signed a conditional contract with Wento and that the deal would be finalized in 2019 after all preconditions are met. The Lithuanian energy group said then it would be its first built wind farm. The value of the deal was not disclosed then.

The group said on Friday it would focus on the Pomerania wind farm project in the Polish market having strategic importance.

The 94 MW wind farm project is under construction now and is set to come online in 2021. The project won a fee-in tariff for 15 years during the same auction in Poland.

The Ignitis Group now operates five wind farms in Lithuania and Estonia with a total capacity of 76 MW. It also plans to participate in feed-in tariff auction with a 60 MW find far project in Mazeikiai.

The Ignitis Group plans to invest 6 billio euros bu 2030, with the majority of it allocated for smart and green energy.

BNS
It is prohibited to copy and republish the text of this publication without a written permission from UAB „BNS“.
|Populiariausi straipsniai ir video

Tax revenue 15 percent short of target in March

The Lithuanian central government's tax revenue fell around 15 percent short of the target in March,...

Avia Solutions Group bought Bluebird Nordic

On the 24th of January 2020, Avia Solutions Group signed an agreement with BB Holding EHF for the...

GetJet Airlines set to lay off 370 employees

Lithuania's wet-lease and charter services provider GetJet Airlines has given lay-off notices to 370...

Avalanche of ideas developed in 'Hack the Crisis' hackathon

One of the most important tasks for hackathon organizers was to identify the most pressing issues,...

Lithuania and some other EU countries ask for Mobility Package postponement

Lithuania and "like-minded" EU member states are urging the bloc's bodies to postpone the...

Top news

649 confirmed coronavirus cases in Lithuania

On 2nd April there were 649 confirmed COVID-19 cases in Lithuania.

Tax revenue 15 percent short of target in March

The Lithuanian central government's tax revenue fell around 15 percent short of the target in March,...

Lithuania bans all passenger air and ferry travel from Saturday

The Lithuanian government on Wednesday imposed a ban, effective from Saturday, on all passenger air...

US organization expands its cooperation with Lithuanians in fight against Chinese disinformation

The Alliance for Securing Democracy , an independent organization operating in the United States ,...

Veryga: coronavirus situation in Belarus raises concern

The coronavirus situation in Belarus is raising concern, Lithuanian Health Minister Aurelijus Veryga...

|Maža didelių žinių kaina