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The Baltic's largest wind farm

25.09.2016

Vardar strengthened its leading market positions in the Baltic countries when a new 60 MW wind farm in Lithuania, was officially opened this month.

- I am proud of official opening of our new wind farm in Šilute, which will add important capacity to the renewable energy production in the Baltic countries. The construction of the 24 windmills has been on time and on budget, and we expect it to contribute considerably to the value of Nelja Energia, our Baltic daughter, said Thorleif Leifsen, CEO of Vardar and Chairman of the supervisory board of Nelja Energia when officially opening the plant earlier this month.

The new windpark is located in Šilute, on the Western coast of Lithuania. The 24 turbines with a capacity of 2,5 MW each, are expected to deliver 230 GWh renewable energy per year. This will increase the total expected production of Nelja Energia up to 780 GWh per year.

- The Šilute wind farm has one of the best wind conditions in the Baltics. Together with a state of art technology, such as larger rotors and taller towers, this will increase energy production per turbine with more than 50 per cent, said Leifsen. 

In 2015 Nelja Energia had a 38 per cent share of installed capacity and a 35 per cent share of wind energy production in the Baltic countries.

The price formula of the energy produced in Šilute is a fixed add-on of state subsidies. This added feed-in tariff will last for 12 years and secure a stable cash flow, given the expected wind resources.

- Nelja won the new capacity auction by offering to build at the lowest feed-in tariff. The marked based auction system ensures that the most efficient company wins the license, said Leifsen.

The investment is more than 100 million euros and increases the collected assets of Nelja Energia to more than 400 million euros.

Vardar is the controlling owner of Nelja Energia. Vardar's investment is run through Vardar Eurus, which owns 77 per cent of Nelja Energia. The Nordic Environment Finance Corporation (NEFCO) holds a 10 per cent share in Vardar Eurus. NEFCO is owned by the five Nordic states: Norway, Sweden, Denmark, Finland and Iceland.

 

For further information:

CEO Vardar Thorleif Leifsen, +47 957 02 070

www.vardar.no www.4energia.ee