The strategic plan envisaging construction of the new Visaginas nuclear power plant, in which Estonia will have a 22 percent stake, was approved by the Lithuanian cabinet today.
According to the concession agreement, Lithuania will hold a stake of 38 percent, Estonia 22 percent and Latvia 20 percent. The rest will be contributed by the Japanese-American strategic investor Hitachi, Lithuanian Delfi reported.
Lithuanian Energy Minister, Arvydas Sekmokas said that the construction of the power plant will begin in 2015 at the earliest.
The next step is for the Lithuanian Parliament to pass the strategy, after which the planning process of the plant will begin.
The project will be financed in three installments. 62 million euros will be allocated during the 12 months following the parliament's decision. The next instalment of 150 million euros would be spred over the following 18-month period. The remaining sum, which is not expected to be over five billion euros, will have to be earmarked by March 31, 2015 at the latest.