The European Investment Bank (EIB) has approved a €190m loan to Lithuania’s state-controlled energy holding company Lietuvos Energija for the greenfield construction of a new combined-heat-and-power (CHP) plant in Vilnius.
The loan was approved under the Investment plan for Europe of the Juncker Commission.
Including a biomass-fired and waste-to-energy-fired CHP plant with total capacity of 88MWe and 227MWth, the new project will supply 413GWh/y electricity to the national grid and 1,180GWh/y heat to the district system in Vilnius.
EIB's vice-president Jan Vapaavuori said: “Lithuania has a growing economy and an increased need for a cleaner environment and efficient use of energy resources.
“I am glad that through the Investment plan for Europe the EIB can support Lietuvos Energija and the Lithuanian people in financing a key stepping stone to an improved security of supply, as well as more cleanly generated energy.
“The mission of the EIB is to improve the quality of life for citizens, for example by helping to reduce energy bills while also cutting pollution. Here I think we are doing just that.”
Expected to be completed in 2018, the project will reduce the municipal waste landfilling and decrease energy prices, as well as cut emissions and improve the security of energy supply in the country.
Image: EIB to provide €190m loan to Lietuvos Energija for construction of CHP plant in Vilnius. Photo: courtesy of European Investment Bank.