After the Vilnius City Council on Wednesday gave a go-ahead to a 21.64-million-euro project to modernize the street lighting network, executives of municipality-controlled company Vilniaus Gatvių Apšvietimo Elektros Tinklai (Vilnius Street Lighting Electricity Network, VGAET) due to implement the project says the funder should be established by October.
Street lighting
© Kauno savivaldybė

"We have potential offers and we will have to search for the most attractive financing for the company and the city (…). We expect to have clarity with regard to the funder before the end of September," Sigitas Mocevičius, VGAET CEO, told BNS.

In his words, the company intends to borrow all the money needed for the project, putting a mortgage on the company's assets or future money, if needed.

"We are now drafting procurement of the design work. We plan to have everything ready within this quarter and start the acquisition of the equipment next quarter. This will be international procurement, which take between three and six months," said the CEO.

In Mocevičius' words, the work should be bought early next year. He said the company intends to do all work on its own.

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