CMS advises E Energija Group and GE on the ECA backed financing of a landmark onshore wind project in The Baltics

International law firm CMS has advised E energija group and GE Energy Financial Services (GE EFS) as sponsors in relation to the financing of the E energija Telšiai 68.9 MW onshore wind farm in Lithuania, structured by BayernLB and covered by export credit agency Euler Hermes. 

The wind farm will be equipped with 13 of GE Renewable Energy’s 5.3MW Cypress onshore wind turbines and is expected to power the equivalent of 78,300 homes in Lithuania. The project benefits from a long term power purchase agreement with Eesti Energia AS, an Estonian state-owned company.
 
E energija group has been playing an active role in the Baltic energy reform through wind and solar parks as well as biomass-based district heating projects aimed at cutting CO2 emissions and mitigating climate change. It has a portfolio of 500 MW wind and solar projects under development.

“We are thrilled to have attracted one of the leading German banks to Lithuania to finance our Telšiai wind farm project – this opens new frontiers of financing opportunities for our upcoming projects and will contribute to even greener future” adds Gediminas Uloza, CEO at E energija group.
 
CMS’s advice was provided by a team led by Energy Finance partner Nicholas Ross-McCall, which included Energy partner Dalia Majumder-Russell.
 
Nicholas Ross-McCall comments: “We are delighted to have assisted E energija and GE EFS in relation to this breakthrough renewable energy project, which is one of the largest in the region and the first significant subsidy free renewable development project in the Baltic states.”