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Published: 26 april 2012 13:48

Hitachi would not disclose what stake in new Lithuania’s nuclear facility it intends to hold

„Reuters“/„Scanpix“ nuotr. / „Hitachi“

Japan’s Hitachi, the strategic investor in Lithuania’s planned Visagino Atominė Elektrinė (Visaginas Nuclear Power Plant, or VAE), would not disclose what stake it would wish to hold in new Lithuania’s nuclear power facility. The company would not comment on the construction of nuclear power plants in Kaliningrad (Russia) and Astraviec (Belarus), either.

“This question [about the shares] has not been answered diplomatically, although it was asked by several MPs,” opposition leader, Social Democratic MP Algirdas Butkevičius told reporters after the opposition MPs’ meeting with Taiji Yoshida, general manager of Hitachi’s international sales and marketing department, on Thursday.

Yoshida would also not comment on a possibility that two other nuclear power plants could be built close to Lithuania, he added.

Yoshida refused to speak to the media.

The government and Hitachi initialed the draft concession agreement in late March. The Cabinet next Friday plans to start discussing a package of documents related to the country's planned new nuclear power plant project. It is expected that if the government and then the parliament endorse the documents, Lithuania and Hitachi will be able to sign a concession agreement by 28 June.

The new facility in Visaginas, in northeastern Lithuania, is estimated to cost up to 5 billion euros, with 50-70 percent of the money, 9 billion to 12 billion litas, planned to be borrowed and the remaining funds to be invested by shareholders of the future joint venture, including Hitachi, VAE, Latvia's Latvenergo and Estonia's Eesti Energia, and, possibly, other investors.

Lithuania should own at least 34 percent of shares in the project company. The size of other shareholders' stakes in the project is still a subject of negotiations.

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