AB Ignitis Grupė and Ocean Winds form Lithuania partnership

In: Windfarms
AB Ignitis Grupė and OW Ocean Winds have formed a joint bidding agreement with for offshore wind development in Lithuania. The two companies aims to participate in the first auctions for offshore wind in Lithuania which is expected in 2023.

AB Ignitis Grupė started the search for a strategic partner for the development of offshore wind farm projects in Q1 2019. The company received initial interest from 10 potential partners, all of them from European offshore wind market leaders. Seven participants submitted official Expressions of Interest (EOIs).

In the joint offshore wind farm project to be developed in Lithuania, AB Ignitis Grupė subsidiary UAB “Ignitis renewables” will own 51 percent and OW – 49 percent of shares.

The Company’s subsidiary UAB "Ignitis renewables" has also agreed on the acquisition and signed sale-purchase agreement with Delphis Holdings Limited (subsidiary of OW Offshore S.L.) for 5 percent of shareholding interest in the development project of the
Moray West wind farm on the East coast of Great Britain and will be the minority partner in the project.

The Lithuanian government has announced plans to support the development of an offshore wind farm with a capacity of up to 700 MW in the Baltic Sea. The project is planned to be constructed by 2030 in a Baltic Sea territory nearly 30 kilometres from the shore. A wind farm of this capacity in the Baltic Sea is expected to produce approximately 2.5-3 TWh of electricity per year, which is nearly a quarter of Lithuania’s current electricity demand.

It is estimated that wind farms of this capacity will pull in as much as EUR 1 billion in private investments. The territory planned in the Baltic Sea for the wind turbines covers an area of 137.5 km2, with a distance from shore of approximately 29 km, an average water depth of 35 m, and an average wind speed of approximately 9 m/s.

For more information on offshore wind farms worldwide, click here.

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