Parliament endorses Lithuanian nuclear project

25 June 2012

On 21 June, the Lithuanian Parliament approved new laws on the Visaginas nuclear power plant project, which will enable a project development company to be established and contracts to be signed.

Parliament approved a concession to be granted to the Visaginas NPP project development company, the selection of Hitachi as a strategic investor, as well as the development of the project based on Hitachi GE ABWR technology.

“The passage of the laws creates an opportunity for commercial investors – the regional partners and the approved strategic investor Hitachi – to conclude discussions on the establishment of the project development company and signing the agreements on the conditions approved by the Parliament,” the Lithuanian energy ministry said in a statement.

The project development company, after it is granted the concession, will be able to sign the Engineering, Procurement and Construction Contract with Hitachi-GE, to carry design works. After taking the final investment decision (expected in 2015) and subject to parliamentary approval, the project development company could then start the construction of Visaginas NPP.

The plant, with a 60-year design life is expected to increase the GDP of Lithuania by some 27-30 billion LTL (around EUR 8 billion).

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