- 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.
Paris, France, August 17, 2020 – 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.
About GE Renewable Energy
GE Renewable Energy is a $15 billion business which combines one of the broadest portfolios in the renewable energy industry to provide end-to-end solutions for our customers demanding reliable and affordable green power. Combining onshore and offshore wind, blades, hydro, storage, utility-scale solar, and grid solutions as well as hybrid renewables and digital services offerings, GE Renewable Energy has installed more than 400+ gigawatts of clean renewable energy and equipped more than 90 percent of utilities worldwide with its grid solutions. With nearly 40,000 employees present in more than 80 countries, GE Renewable Energy creates value for customers seeking to power the world with affordable, reliable and sustainable green electrons.
Follow us at www.ge.com/renewableenergy , on www.linkedin.com/company/gerenewableenergy, or on www.twitter.com/GErenewables
About GE Energy Financial Services
A strategic GE Capital business, GE Energy Financial Services is a global energy investor with 35+ years managing assets through multiple energy cycles. Drawing on its technical know-how, financial strength and strong risk management, GE Energy Financial Services invests in and provides capital solutions for long-lived and capital-intensive projects and companies that help meet the world’s energy needs. It is headquartered in Connecticut with regional hubs in London, Houston, Washington D.C., Singapore and Nairobi. For more information, visit www.geenergyfinancialservices.com and follow us on Twitter @GEEnergyFinServ.
About E energija Group
With an overall experience of 25 years in public and private energy sector E energija has grown to become a regional leader in development of renewable energy projects, implementing efficient wind, biomass and solar renewable energy technologies and making a significant impact against climate change. E energija is based in Vilnius, Lithuania and has operating companies in Lithuania, Poland and Ukraine. For more information, follow us on www.linkedin.com/company/e-energija and www.e-energija.lt
For media inquiries, please contact:Antoine Balas
Onshore Wind Europe, Communications Leader
GE Renewable Energy
+33 6 89 69 41 10
[email protected] Arti Mohan
GE Energy Financial Services
+44 7468 351 586
[email protected] Raminta Barauskiene
E energija Group
+370 682 71109