VILNIUS — Lithuania will receive a €71 million loan from the European Development and Reconstruction Bank as a buoy to help the country develop its energy production.
Lithuania is in the midst of transitioning away from recent shutdown of its primary [private_supervisor] nuclear power plant, which made up around 70 percent of the country’s energy production when it was in operation.
Majority state-owned company Lietuvos Elektrinė, which will receive the loan, will use the money to upgrade its 1,800 megawatt thermal plant in Elektrėnai. Completed in 1972, the plant currently has eight generation units, currently fired with natural gas, heavy fuel and oil emulsion.
The loan will be used to build a new combined cycle gas turbine, which will boost energy production by 450 megawatts. The new generator, to be completed in 2012, will replace two older generators that produce only 300 megawatts combined.
While only increasing the plant’s total production capacity by 150 megawatts, the new project will reduce Lithuania’s dependence on electricity imports.
It will also increase efficiency and reduce carbon dioxide and nitrous oxide emissions.
“Increasing the generation capacity is a key priority for Lithuania and the bank is pleased to support Lietuvos Elektrinė in the implementation of this strategic project,” Nandita Parshad, the bank’s director for power and energy said in a press release. “The construction of the new modern power plant will alleviate the impact of lost capacity in Lithuania and will support the creation of a secure and reliable power system in the region.”
Lietuvos Elektrinė welcomed the news that the loan would go through.
“The bank’s support demonstrates that Lietuvos Elektrinė is creating a competitive and an efficient modern power plant for Lithuania and for the Baltics,” Rolandas Jankauskas, Lietuvos Elektrinė chief financial officer said.
With total cost of €360 million, the project is co-financed by the Ignalina International Decommissioning Support Fund and a consortium of commercial banks [/private_supervisor] [private_subscription 1 month]nuclear power plant, which made up around 70 percent of the country’s energy production when it was in operation.
Majority state-owned company Lietuvos Elektrinė, which will receive the loan, will use the money to upgrade its 1,800 megawatt thermal plant in Elektrėnai. Completed in 1972, the plant currently has eight generation units, currently fired with natural gas, heavy fuel and oil emulsion.
The loan will be used to build a new combined cycle gas turbine, which will boost energy production by 450 megawatts. The new generator, to be completed in 2012, will replace two older generators that produce only 300 megawatts combined.
While only increasing the plant’s total production capacity by 150 megawatts, the new project will reduce Lithuania’s dependence on electricity imports.
It will also increase efficiency and reduce carbon dioxide and nitrous oxide emissions.
“Increasing the generation capacity is a key priority for Lithuania and the bank is pleased to support Lietuvos Elektrinė in the implementation of this strategic project,” Nandita Parshad, the bank’s director for power and energy said in a press release. “The construction of the new modern power plant will alleviate the impact of lost capacity in Lithuania and will support the creation of a secure and reliable power system in the region.”
Lietuvos Elektrinė welcomed the news that the loan would go through.
“The bank’s support demonstrates that Lietuvos Elektrinė is creating a competitive and an efficient modern power plant for Lithuania and for the Baltics,” Rolandas Jankauskas, Lietuvos Elektrinė chief financial officer said.
With total cost of €360 million, the project is co-financed by the Ignalina International Decommissioning Support Fund and a consortium of commercial banks.[/private_subscription 1 month] [private_subscription 4 months]nuclear power plant, which made up around 70 percent of the country’s energy production when it was in operation.
Majority state-owned company Lietuvos Elektrinė, which will receive the loan, will use the money to upgrade its 1,800 megawatt thermal plant in Elektrėnai. Completed in 1972, the plant currently has eight generation units, currently fired with natural gas, heavy fuel and oil emulsion.
The loan will be used to build a new combined cycle gas turbine, which will boost energy production by 450 megawatts. The new generator, to be completed in 2012, will replace two older generators that produce only 300 megawatts combined.
While only increasing the plant’s total production capacity by 150 megawatts, the new project will reduce Lithuania’s dependence on electricity imports.
It will also increase efficiency and reduce carbon dioxide and nitrous oxide emissions.
“Increasing the generation capacity is a key priority for Lithuania and the bank is pleased to support Lietuvos Elektrinė in the implementation of this strategic project,” Nandita Parshad, the bank’s director for power and energy said in a press release. “The construction of the new modern power plant will alleviate the impact of lost capacity in Lithuania and will support the creation of a secure and reliable power system in the region.”
Lietuvos Elektrinė welcomed the news that the loan would go through.
“The bank’s support demonstrates that Lietuvos Elektrinė is creating a competitive and an efficient modern power plant for Lithuania and for the Baltics,” Rolandas Jankauskas, Lietuvos Elektrinė chief financial officer said.
With total cost of €360 million, the project is co-financed by the Ignalina International Decommissioning Support Fund and a consortium of commercial banks.[/private_subscription 4 months] [private_subscription 1 year]nuclear power plant, which made up around 70 percent of the country’s energy production when it was in operation.
Majority state-owned company Lietuvos Elektrinė, which will receive the loan, will use the money to upgrade its 1,800 megawatt thermal plant in Elektrėnai. Completed in 1972, the plant currently has eight generation units, currently fired with natural gas, heavy fuel and oil emulsion.
The loan will be used to build a new combined cycle gas turbine, which will boost energy production by 450 megawatts. The new generator, to be completed in 2012, will replace two older generators that produce only 300 megawatts combined.
While only increasing the plant’s total production capacity by 150 megawatts, the new project will reduce Lithuania’s dependence on electricity imports.
It will also increase efficiency and reduce carbon dioxide and nitrous oxide emissions.
“Increasing the generation capacity is a key priority for Lithuania and the bank is pleased to support Lietuvos Elektrinė in the implementation of this strategic project,” Nandita Parshad, the bank’s director for power and energy said in a press release. “The construction of the new modern power plant will alleviate the impact of lost capacity in Lithuania and will support the creation of a secure and reliable power system in the region.”
Lietuvos Elektrinė welcomed the news that the loan would go through.
“The bank’s support demonstrates that Lietuvos Elektrinė is creating a competitive and an efficient modern power plant for Lithuania and for the Baltics,” Rolandas Jankauskas, Lietuvos Elektrinė chief financial officer said.
With total cost of €360 million, the project is co-financed by the Ignalina International Decommissioning Support Fund and a consortium of commercial banks.[/private_subscription 1 year]
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