The renewable energy unit of General Electric Co announced it will equip a 68.9-MW wind project in Lithuania that reached financial close last week.
GE Renewable Energy will supply 13 of its 5.3-MW Cypress wind turbines for the E Energija Telsiai onshore wind project, which is referred to as โthe first significant subsidy free development in the Baltic states.โ The GE subsidiary will also service the facility over a 25-year period.
The co-sponsors of the project are Vilnius-based renewables developer E Energija Group and GE Capitalโs Energy Financial Services (GE EFS). Last week, they secured a project financing package from SEB Bank.
โThe joint venture with E energija represents the first investment by GE Energy Financial Services in Baltic region, which is expecting further growth,โ said Jon Stark, GE EFSโ US/ EU Renewables Commercial Leader.
The project has a 10-year power purchase agreement (PPA) in place with Estonian state-owned utility Eesti Energia AS. Initial civil and electrical work started last month and GE expects to deliver the first turbine in April 2021. Completion of the wind park is scheduled for later that year.