Vilnius, Lithuania, 2014-12-19 08:00 CET (GLOBE NEWSWIRE) -- On 18 December 2014, the Lithuanian electricity transmission system operator Litgrid and European Investment Bank (EIB) signed an agreement on 65 million euro loan for a maximum period of sixteen years. The funds will be used to partially finance implementation of LitPol Link project and the new power line from Alytus to Kruonis PSHP (Pumped Storage Hydroelectric Plant).
The LitPol Link project is a part of Baltic Energy Market Interconnection Plan (BEMIP) aimed at connecting the energy systems of the Baltic Sea region countries and eliminating energy islands in the European Union by the end of 2015. Linking the power systems of Lithuania and Poland, LitPol Link will start operating at the end of December 2015. The new overhead power line Alytus-Kruonis PSHP will ensure maximum use of the Lithuanian-Polish interconnection.
The EIB is the European Union's bank, the only bank owned by and representing the interests of the European Union Member States. As the largest multilateral borrower and lender by volume, the EIB provides finance and expertise for sound and sustainable investment projects which contribute to furthering EU policy objectives.
Vilija Railaitė
Head of Communications
Phone +370 5278 2361
Mobile +370 613 19977
E-mail vilija.railaite@litgrid.eu