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BaltCap exits wind farms in Lithuania and Estonia to Lietuvos energija

Baltic region private equity and venture capital investor BaltCap has exited its investment in a the 18MW Tuuleenergia wind farm in Estonia and the 24MW Eurakras wind farm in Lithuania. These wind farms were acquired by Lietuvos energija, the Lithuanian state-owned energy group.

“BaltCap has always believed in the future of green energy and the wind farm investments  matched well our investment criteria,” says Peeter Saks, Managing Partner of BaltCap. “As a private equity investor, our task was to be engaged in these projects during the development phase which was successfully completed in 2015 when both wind farms were commissioned. Lietuvos energija as a strategic investor with a long-term view on energy market was a natural buyer for these assets.”
“Mäli and Tamba villages enjoy one of the best wind conditions in Estonia,” says BaltCap’s Investment Director Kristjan Kalda. "Combined with the right choice of techology, the wind farm had the best load factor in Estonia last year.”
“This transaction marks the first exit of BaltCap Lithuania SME Fund, part of JEREMIE initiative in Lithuania. Strong and experienced team of co-investors and management played a key role to a successful wind farm development in Jurbarkas. It is within our expectations that the experience gained in this project will translate into new pan-Baltic infrastructure investments,” says Šarūnas Stepukonis, Associate Director at BaltCap.
“One of the strategic directions of Lietuvos energija is the development of production and diversification. Naturally, in assessing the current environment and future prospects, we chose wind energy as one of the development directions. Analyzing the market, next to the development projects we have discussed opportunities to acquire already existing wind power parks. We are pleased that after a market survey and identification of opportunities we successfully managed to acquire two wind parks. It is the first wind power capacity of Lietuvos energija and also first investment outside Lithuania – in Estonia,” says Dr Dalius Misiūnas, Chairman of the Board and CEO of Lietuvos energija.
The total transaction price for Lietuvos Energija was EUR28 million for a 100 per cent share in Tuuleenergia and a 75 per cent share in Eurakras, including buy-out of BaltCap´s co-investors. In Tuuleenergia transaction BaltCap was advised by corporate finance firm Superia and law office RASK.

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