The Lithuanian Government is seeking an investor to develop a new nuclear power plant.

The power plant, estimated to cost between €3bn and €5bn will be built by 2018-2020 funded mostly by the investor, which will be offered a 50% stake in the plant.

Ignalina, the nation’s aging Soviet-built nuclear power plant, will be shut down under an agreement with the EU by the end of 2009, according to Reuters.

The government will float a tender for the plant in December 2009 and intends to sign the agreement with the investor in the second half of 2010.

Utility companies such as E.ON, EDF, Iberdrola, RWE, Fortum and Vatenfall are expected to bid for the project.