The Finnish solar manufacturer must raise €3.5 million from a convertible bond issued on Monday and which closes on December 18. Generate the cash and production is expected to start at the Solitek facility in Vilnius early next year. Fail, and (almost) all bets are off.
The Baltic nation is heavily dependent on energy imports. A plan for energy independence by 2050 foresees the large scale deployment of renewable energy resources.
Researchers have developed a high-resolution geospatial method of assessing the solar potential of all buildings in the EU and concluded rooftop PV could provide a quarter of the bloc’s electricity needs. The scientists say grid parity for rooftop solar has been reached outside eastern member states with cheap fossil fuel electricity.
The first mixed auction for renewable energy technologies will be held in September and will allocate around 300 GWh. The government will apportion €20 million for solar rebates up to 2023.
The procurement scheme has a budget of €385 million and is open to all renewable energies. Auctions will be held by the country’s National Commission for Energy Control and Prices.
Under its Connecting Europe Facility (CEF), the bloc has opened another call for applications to build cross-border energy infrastructure projects. It has already agreed to provide a grant of €323 million to synchronize the regional grid in the Baltic States.
The Finnish PV equipment provider and the Lithuanian PV panel maker will manufacture IBC solar cells at Solitek’s factory in Vilnius with an initial production capacity of 60 MW.
The funds will come from the Connecting Europe Facility. Around €504 million will be used for electricity infrastructure and smart grids and another €286 million will be devoted to gas. The remaining €9 million will be allocated to studies on the development of carbon dioxide transport infrastructure.
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