The European Investment Bank (EIB) has agreed to provide a €190M loan to Lithuania-based Lietuvos Energija for the construction of a new combined-heat-and-power (CHP) plant in Vilnius, Lithuania.
The project will include a biomass-fired and a waste-to-energy-fired CHP plant with a total capacity of 88MWe and 227MWth. It will supply electricity (413GWh annually) to the national grid and heat (1,180GWh annually) to the district heating system in Vilnius.
The project is expected to reduce municipal waste landfilling, decrease energy prices, cut emissions and enhance the security of energy supply in the country.
Lietuvos Energija’s CEO Dalius Misiūnas said: “EIB loan agreement is a crucial milestone in Vilnius CHP project. It will ensure that construction of the plant is going to be financed in accordance with the best terms.
“The fact that ‘Lietuvos Energija’ is the first project to receive funding guaranteed under the Juncker Commission’s Investment Plan for Europe shows the strategic importance of Vilnius CHP plant.”
The project is expected to be complete by 2018, and create 75 permanent jobs.
* Data provided by Timetric's Construction Intelligence Center.