BaltCap has signed an agreement to invest €1.5 million in the development of 24MW wind farm near Jurbarkas. The wind farm is expected to be operational in the second half of 2015.
BaltCap Lithuania SME Fund makes its first renewable energy investment in Lithuania by teaming up with Renagro, a strategic investor in renewable energy, agriculture and real estate. BaltCap and Renagro invest over €10 million equity into Eurakras, a wind farm development company. Additional €25 million financing will be provided by a commercial bank.
“With the development and construction of 24MW wind farm, we will be able to support Lithuania in meeting its renewable energy targets. This project exemplifies the progress and positive impact that can be achieved when private capital works in partnership with government, entrepreneurs and industry,” said Kornelijus Čelutka, Investment Director at BaltCap. “We are pleased to support strong and experienced entrepreneurs in renewable energy as it perfectly fits our investment strategy.”
Gražvydas Zulanas, the CEO of Renagro said, “We have selected to attract private equity investor not only to raise funding but more importantly to add competence and experience in financial engineering that is a vital component in successful infrastructure developments.”
Lithuania SME Fund is a growth capital fund established by BaltCap in 2010 as part of the JEREMIE initiative in Lithuania. Total size of the Fund is €20 million and it provides growth equity financing up to €3 million per company for small and medium-sized enterprises.
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