SOURCE: Industrial Info Resources

Industrial Info Resources

February 23, 2010 23:00 ET

Lithuanian CCGT Plant Gets European Financial Boost, an Industrial Info News Alert

GALWAY, IRELAND--(Marketwire - February 23, 2010) -  Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland) -- The construction of a 444-megawatt combined-cycle gas turbine plant (CCGT) in Lithuania received a welcome financial injection this week following the award of a 71 million euro ($96 million) loan from the European Bank for Reconstruction and Development (EBRD). The ERBD has granted the loan to Lithuanian national utility Lietuvos Elektrine AB (VSE: LEL1L) (Elektrenai, Lithuania) in an effort to bridge the power gap created when the country was forced to shut down the ageing Ignalina nuclear power plant at the end of 2009. The ERBD said the project will necessarily be the beginning of other electricity generation projects, as Ignalina accounted for more than 70% of the country's total electricity output and was a key power exporter to neighbouring countries.

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