IRL Wind transaction on the acquisition of the wind power farm successfully closed

On 15 July, the transaction of UAB IRL Wind, a subsidiary of INTER RAO Lietuva, on the acquisition of the current 30 MW wind power farm in Kretinga District operated by UAB Vėjų spektras was finally completed.

The transaction was finally closed after the granting of the authorisation by the Competition Council on 4 July and upon taking all steps necessary for the completion of the transaction. The LTL 130 m investment in the acquisition of the wind power farm was funded from the credit granted by Swedbank, AB. The investment is expected to pay off within 8 to 12 years subject to a number of different factors.

Commenting on the successful closing of the transaction, Paulius Vazniokas, the Director of IRL Wind, noted that this was the first investment in the renewable energy in an EU member state not only for INTER RAO Lietuva, which controls IRL Wind, but also for its holding companies and strategic partners INTER RAO JES and Scaent Baltic. “We are pleased with the prompt authorisation and smooth closing of the transaction. Since both strategic partners holding the company that invested in the wind power farm – INTER RAO Lietuva – have the same future development visions in respect of the renewable energy and its importance, I am certain that IRL Wind will continue developing its business in the green energy area”, Mr Vazniokas summed up business prospects on an optimistic note.

“We are pleased that in this highly important phase the transacting companies considered Swedbank as an experienced partner in the funding of acquisition transactions and green energy. We have always emphasised the importance of the partnership with the developers of alternative energy sources, while the funding of green energy is one of the bank’s priority areas. By the way, this wind power farm in Kretinga District was among the first projects implemented in Lithuania, and its construction was also funded by Swedbank”, says Mintautas Miškinis, the Director of the Large Corporate Customers Department of Swedbank.
Under the terms and conditions of the transaction, IRL Wind will operate only the wind power farm in Kiauleikių, Kvečių and Rūdaičių Villages, Kretinga District, which is to be dissociated from Vėjų spektras. The latter will continue developing its other projects.

UAB IRL Wind is a subsidiary of UAB INTER RAO Lietuva. UAB INTER RAO Lietuva is jointly held by Russian company INTER RAO JES and its old partner in the energy sector – UAB Scaent Baltic.

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