Page 25 - bne magazine September 2020 russia melting

bne September 2020 Companies & Markets I 25
As reported by bne IntelliNews, Lithuania's state-run energy group Ignitis Group said on July 22 it is ready invest €80mn in a wind farm in the northwestern Lithuanian district of Mazeikiai.
Earlier this year the European Investment Bank (EIB) agreed to lend around €60mn for Ignitis’s other wind project in Poland, which includes construction and operation of
a medium-sized onshore wind farm, consisting of 29 turbines, with a total installed capacity of 94 MW.
Ignitis Group currently owns four operating wind farms with
a total capacity of 58 MW, with another 18 MW farm operating in Estonia. The planned capacity of the group's Pomeranian wind farm under construction in Poland totals about 94 MW. The facility is expected to start commercial operations next year.
Dominykas Tuckus, board member and head of business development at Ignitis Group, has said that sustainable development through the implementation of renewable energy projects not only in Lithuania but also abroad is top priority for Ignitis Grupe in its Strategy 2030.
In the year’s first quarter, adjusted profit before the interest, taxes, depreciation and amortisation (adjusted Ebitda) of Ignitis Group, increased 8.8%, year-on-year, and totalled
“The new Ignitis strategy calls for achieving carbon neutrality by 2050, which is consistent with the goals set by the UN”
€85.1mn. The result was mainly affected by continued investments in distribution networks and efficient use of Kruonis PSHP.
The group’s revenue from foreign countries (Latvia, Estonia, Poland and Finland) increased by 39% and reached €8.1mn against €27.4mn in Q1 2019.
MTS partners with Spotify in Russia, offers
free six months for MTS subscribers
bne IntelliNews
Russia’s leading mobile operator Mobile TeleSystems (MTS) has gone into a strategic partnership with Spotify, the world’s most popular music streaming subscription service that entered the Russian market last month.
To help promote the new service, MTS will offer its subscribers six months of free access to Spotify’s premium content to rope them in.
Spotify Premium enables users to listen to music ad-free both on- and offline, while also providing hi-fi audio quality and an “unlimited music discovery experience,” MTS said in a press release.
At the end of the free trial period, users can continue using the service by paying RUB169 ($2.30) per month via a direct charge to their mobile account.
“This strategic partnership with the world's most popular music subscription service is yet another step forward as we develop our entertainment services and build out the broader MTS digital ecosystem. Music, podcasts and audiobooks are already essential services for millions of Russian consumers. Teaming up with Spotify will strengthen MTS’s leadership
in the market, and give our customers the first opportunity
in Russia to try out this exclusive offer,” said Vyacheslav
Nikolaev, first vice-president for customer experience, marketing and ecosystem development.
“We strive to work with strong partners around the world
so our users get a first-class experience and listen to their favourite music anytime and on any device,” said Ilya Alekseev, managing director of Spotify in Russia. “Our first partnership in the Russian market provides an opportunity for 78mn MTS subscribers to get premium access to Spotify’s music library, which features more than 60mn tracks and 4bn playlists, as well as personalised recommendations for new music every day.”
Spotify’s entrance has been a long time coming. The company had previously planned to enter the Russian market in 2015 but cancelled “for the foreseeable future because
of the economic crisis, political situation and new internet laws,” the company said at the time.
Former Google executive Alexander Kubaneishvili, who was supposed to lead Spotify's operations in Russia, wrote a letter to partners saying "the economic crisis, the political situation, the new laws governing the internet" were the reasons for Spotify's decision.
Now the company is expanding throughout the Commonwealth of Independent States (CIS).
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