The international sustainable finance and investment publication “Environmental Finance” has named Energy Cells’ 200 megawatt (MW) energy storage facility system project as the most sustainable energy investment of 2022 globally.
The annual IMPACT Awards 2022, organised by the international publication, recognised the battery park system project, which will enhance Lithuania’s energy security, for its significance for Lithuania’s energy independence and for its success in attracting sustainable finance for the project. The award jury was impressed by the fact that the project implemented by Energy Cells is helping to address the important challenges of energy storage and instantaneous energy reserve not only in the country but also in the region.
“The energy storage system project is needed to synchronise with the with continental European electricity networks and will contribute to Lithuania’s ambitious renewable energy goals. The battery parks will serve as a flexible solution for the energy system, capable of storing and, if necessary, instantly feeding into the network electricity generated by solar or wind power plants. So this project is not only about innovation and sustainable financing, but also about contributing to climate change goals”, says Rimvydas Štilinis, CEO of Energy Cells.
Energy Cells has been granted EUR 87.6 million to install the energy storage facility system under the “NextGenerationEU” plan of the EU’s economic recovery measure “Next Generation Lithuania”. Part of the energy battery park project is also financed by Energy Cells’ shareholder EPSO-G, which raised funds through sustainability-linked bonds.
The battery storage system, which will provide Lithuania with an instant energy reserve, will consist of four battery parks in Vilnius, Šiauliai, Alytus and Utena, with 312 battery cubes – 78 in each. The total power and capacity of the system of energy storage facilities implemented by Energy Cells and connected to the Lithuanian energy network will be 200 megawatts (MW) and 200 megawatt-hours (MWh).
Environmental-Finance.com is an online news and analysis service established in 1999 to report on sustainable investment, green finance and the people and companies active in environmental markets. Environmental Finance’s Impact Awards seek to recognise and reward the work of impact investors everywhere and highlight emerging pockets of best practice, across all asset classes and all geographies. An advisory panel consisting of industry experts chosen for their knowledge, objectivity and credibility along with the Environmental Finance editorial team reviewed the submission.
100% of shares of Energy Cells, which was appointed as the energy storage facility system operator, belongs to the EPSO-G energy transmission and exchange group of companies. The rights and responsibilities of the sole shareholder of EPSO-G are implemented by the Ministry of Energy of the Republic of Lithuania.
Read more about the award on Impact project/investment of the year – energy: Energy Cells – Environmental Finance (environmental-finance.com)