Technical conditions of the TE-3 devices, the remaining service lifetime and adaptation of individual devices for burning of renewable energy resources were evaluated in this work. A technical solution creating the highest socio-economic benefits was selected considering the need for the district heating system of the City of Vilnius, the capacity of other competitive sources of heat production and technical parameters of TE-3 turbo-generator. Opportunities to absorb structural funds assistance from the 2014-2020 financial perspective were assessed in the project. In view of the legal-regulatory environment, the financial-economic assessment of the project was carried out. The cost-benefit analysis of the alternatives analysed was carried out and a plan to implement a project was drafted.