OREANDA-NEWS. January 14, 2013. Executives of Lietuvos energija, AB and AB Kauno energija signed a Memorandum of intent in developing Construction Project of a Cogeneration power plant in Petrasiunai today.

Memorandum was signed considering constant growing of heating prices in Kaunas city and the work that has been done on the matter before the signing of the memorandum. The Project is going to be developed on purpose to ensure the lower price of heating for consumers in Kaunas as soon as possible.

After signing the Memorandum, Lietuvos energija, AB and AB Kauno energija are going to work on a mutually acceptable agreement of a joint development of the project and subsequent action plan. There is also a plan to sign a shareholders’ agreement which will define the model of cooperation between the companies and to establish a joint company for the development of the Project. It is expected that the agreements will be settled until the middle of this year.

“Considering the fact that a lot of work is already done, we hope that realization of this Project will get a strong impact in the nearest future. We give credit to this Project and its perspectives“, - Dalius Misiunas, CEO of Lietuvos Energija, AB said.

It is expected that AB Kauno energija will give a permission to exploit existing infrastructure building Cogeneration power plant. Whereas Lietuvos energija, AB will keep the realization of the Project by its own finances or on loans.