Regarding AB “Ignitis grupė” issue of guarantee to fulfil obligations of its owned company UAB “VVP Investment”

We inform that on 17 February 2021 the Board of AB “Ignitis grupė” (hereinafter – Company) approved to issue a guarantee to Nordex Lithuania GmbH of up to 55.097m euros (hereinafter – Guarantee).

The Guarantee will guarantee that UAB “VVP Investment” (hereinafter – VVP), controlled by UAB “Ignitis renewables”, which is a subsidiary of the Company, will fulfil the obligations according to the 23 November 2020 agreement between VVP and Nordex Energy SE & Co. KG for wind turbine supply, construction and maintenance services provided for Mažeikiai wind farm (hereinafter – the Agreement) (more information ).  It must be noted that VVP, Nordex Energy SE & Co. KG and Nordex Lithuania GmbH concluded an agreement according to which Nordex Lithuania GmbH took over rights and obligations from Nordex Energy SE & Co.KG according to the Agreement from 12 January 2021.

It must be noted that the Company and VVP intends to conclude a guarantee service agreement (hereinafter – Service Agreement), which will ensure that VVP payment to the Company for the issued Guarantee by the Company to Nordex Lithuania GmbH benefiting VVP complies with market conditions.

The Guarantee will be concluded in the nearest future. The Service Agreement will be concluded only after the opinion of the Audit Committee of the Supervisory Board and the approval of the Supervisory Board of the Company is received. The Company will not inform in separate notices about the conclusion of the Guarantee and the Service Agreement.

For more information please contact:

Artūras Ketlerius

Head of Public Relations at Ignitis Group