ENCAVIS AG: E energija group & GE sell their Lithuanian onshore wind farm (69 MW) to Encavis AG (closing completed) – dgap – stock market news

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E energija group & GE sell their Lithuanian onshore wind farm (69 MW) to the Encavis AG

Hamburg, December 16, 2022 – The E energija group and GE Energy Financial Services announce that they have completed the sale of 100% of the shares in the 69 megawatt (MW) onshore wind farm in the Telšiai region of Lithuania to Encavis AG, which took place in Hamburg wind and solar park operator listed on the MDAX of Deutsche Börse AG (Prime Standard; ISIN: DE0006095003; stock code: ECV). The wind farm consists of 13 new generation Cypress wind turbines from GE Renewable Energy with a capacity of 5.3 (MW) each. It is the first wind farm of this size to be built and connected to the grid in Lithuania since 2016.

The acquisition is the first investment in a wind farm in Lithuania by Encavis AG, one of the leading independent power generators in Europe. The electricity generated by this park significantly increases the amount of wind power produced in Lithuania compared to 2021 (by about 17%).

In addition, the E energija group will work with Encavis as a commercial and technical asset manager and together with General Electric (GE) Lithuania will ensure the efficient operation of the wind farm, with a comprehensive service from GE for a period of 30 years.

“We are pleased about the partnership with Encavis, a leading European IPP. In close cooperation with Encavis, the E energija group will ensure the reliable operation of the wind farm and use Encavis’ know-how to expand its portfolio with further projects in the field of renewables expand energies. This agreement with Encavis will allow us to advance the development of projects at a larger scale and make an even greater contribution to building an energy independent future for our country and mitigating climate change.”said Gediminas Uloza, CEO der E energija group.

The project was developed by E energija group and GE Energy Financial Services as co-sponsors of the wind farm project company. It was the first wind farm built in Lithuania without state aid and feed-in tariffs. Germany’s BayernLB structured and funded a green loan for this project, which was backed by Germany’s export credit agency Euler Hermes.

“The development of this project was a cross-border effort and partnership with E energija“, emphasizes Fabio Borba, Managing Director of GE Energy Financial Services, and “we are very excited to invest in such a pioneering project and to play an important role in accelerating the energy transition in Lithuania through direct equity participation. We look forward to supporting our customers in decarbonization across Europe through financial and technological solutions.“

In Tryškiai municipality, near the wind farm, E energija group has also invested in a building for a service center. It serves as an office for General Electric Lithuania and E energija employees who oversee the wind farm and other wind farms under construction in the region.

About E energija group:

E energija group was founded in 1994 as an engineering company and started developing wind farms ten years ago. In the Telšiai region, E energija group plans to build at least another 200 MW of wind and 200 MW of solar projects. A 9MW wind farm is currently under construction in Kelme district and construction of a 300MW wind farm in Kelme will start next year. Overall, the company intends to develop a portfolio of up to 2,000 MW of wind, solar and hybrid projects in Lithuania and neighboring countries over the next five years.

For more information, see www.e-energija.lt

About GE Energy Financial Services:
GE Energy Financial Services (“GE EFS”) is a global energy investor with more than 45 years of experience managing assets across multiple energy cycles. GE EFS has built a sophisticated and experienced finance business that combines capital and technology through financing solutions for complex, capital-intensive energy infrastructure projects. GE EFS has invested more than $50 billion in capital in more than 20 GW of renewable energy projects and more than 50 GW of thermal power projects worldwide. GE EFS leverages its own balance sheet and strategic partnerships and relationships to fund these major projects. The company is headquartered in Connecticut with regional centers in London, Houston, Washington DC and Singapore.

For more information, see www.geenergyfinancialservices.com and follow us on Twitter @GEEnergyFinServ and LinkedIn.

About ENCAVIS:
Encavis AG (Prime Standard; ISIN: DE0006095003; ticker symbol: ECV) is a producer of electricity from renewable energies that is listed in the MDAX of Deutsche Börse AG. As one of the leading independent power producers (IPP), ENCAVIS acquires and operates (onshore) wind and solar parks in twelve European countries. The systems for sustainable energy generation generate stable yields through guaranteed feed-in tariffs (FIT) or long-term power purchase agreements (PPA). The total generation capacity of the Encavis Group is currently more than 3.4 gigawatts (GW), which corresponds to savings of more than 1.4 million tons of CO₂ per year. Within the Encavis Group, Encavis Asset Management AG specializes in the area of ​​institutional investors.

ENCAVIS is a signatory to the UN Global Compact and the UN PRI network. ENCAVIS AG’s environmental, social and governance performance has been reviewed by two of the world’s leading ESG research and Ratingagencies excellent. MSCI ESG Ratings evaluates the sustainability performance with an “A” level, the internationally renowned ISS ESG gives ENCAVIS the “Prime” status.

More information about the company can be found at www.encavis.com

Contact:
E energy group
Raminta Barauskienė
Tel.: +370 5 268 59 89
Mobil: +370 682 71109
E-Mail: r.barauskiene@e-energija.lt

GE Energy Financial Services
Arti Mohan
Mobil: +44 7468 351 586
E-Mail: arti.mohan@ge.com

ENCAVIS AG
Jörg Peters
Head of Corporate Communications & IR
Tel.: + 49 (0)40 37 85 62 242
E-Mail: joerg.peters@encavis.com