Lithuania‘s VAE establishes subsidiary VAE-SPB for participation in new nuclear facility project

“A company will be established so as to implement the rights and duties of the national investor,” VAE spokesman Sigitas Baltuška told BNS.

The new company should be registered on 23 May, he said adding that the required documentation had already been submitted to the Center of Registers.

A corporate name of VAE-SPB was registered with the Register of Legal Entities on 16 May, Aidas Petrošius, spokesman for the Center of Registers, told BNS.

If the Seimas (parliament) approves the legislative amendments and a draft concession contract on the new nuclear power facility, the deal on an approximately 16-18 billion litas (EUR 4.6-5.2 b) worth energy project – the largest in Lithuania’s history – would be signed with Japan’s Hitachi by 28 June, at the latest. A company that would implement the project should be established by that deadline.

Hitachi , as a strategic investor, should own a 20 percent stake in a future joint venture that would manage the nuclear facility. Lithuania should hold 38 percent, Latvia – 20 percent, and Estonia – 22 percent. As expected, the joint venture would initially have just two shareholders – VAE-SPB and Hitachi Ltd. Together with Hitachi–GE Nuclear Services. Latvia’s Latvenergo and Estonia’s  Eesti Energia would join in later.