Lithuanian Parliament approves the Concession Agreement for the Visaginas Nuclear Power Plant Project

On 21 June 2012 the Lithuanian Parliament approved the package of laws necessary to proceed with the Visaginas Nuclear Power Plant Project, as well as the draft Concession Agreement to be concluded between the Republic of Lithuania, the Strategic Investor (a subsidiary of Hitachi) and the Project Company.

The Concession Agreement provides the contractual framework for the Visaginas Nuclear Power Plant Project including the rights for the Project Company to design, construct, operate and decommission the Visaginas nuclear power plant (Visaginas NPP) and the supply of Hitachi-GE technology. Hitachi-GE will supply an Advanced Boiling Water Reactor (ABWR), the only generation III nuclear reactor with a proven operational track record around the world and an enhanced level of safety. Once operational the Visaginas NPP will add about 1,300 MW of low-carbon power capacity and will significantly enhance the security of energy supply in Lithuania as well as Estonia and Latvia, which also plan to participate in the project. This is the largest and most complex investment project in the Baltic States since they regained independence in the early 1990s.

SORAINEN Lithuania has been advising Hitachi in relation to drafting the Concession Agreement and other project agreements, at all stages of negotiations, and has provided other advice related to this project, including corporate and tax structuring, regulatory, design and construction related aspects etc.

The team in the project includes partners Laimonas Skibarka and Kęstutis Adamonis, senior associates Liudas Ramanauskas, Linas Vinciūnas, Vidas Rudokas and others.

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