The partnership between Enefit Green and Sumitomo Corporation marks a significant step forward for the development of renewable energy in the Baltic Sea. Both companies have signed a strategic agreement to create the first offshore wind farm in the Gulf of Riga , off the coast of Estonia.
The collaboration agreement between Enefit Green, the leader in wind energy in the Baltic , and Sumitomo Corporation, a Japanese giant in the corporate investment sector, involves the sale of a 50% stake in Liivi Offshore OÜ, the company in charge of the Liivi Bay wind farm. With this partnership, the two companies combine their global and local expertise to make this project a reality.
Strategic and economic impact with the offshore wind farm
The construction of the offshore wind farm in Liivi Bay will significantly contribute to the production of clean energy and will also strengthen Estonia’s energy security.
With an installed capacity of up to 1,000 MW and an estimated annual output of 4 terawatt-hours , this project is emerging as an essential national construction infrastructure. Furthermore, this development is expected to boost the creation of highly-skilled jobs in the energy, transport and logistics sectors .
A sustainable energy future for the Baltic Sea
Estonia is positioning itself as a leader in the development of offshore wind energy in the Baltic Sea region, an area known for its great wind potential. Thanks to the collaboration of Enefit Green and Sumitomo Corporation, Liivi Bay will be a pillar for the growth of the offshore wind industry in the region and a test of how strategic partnerships can accelerate the transition to a more sustainable energy future.
The project is scheduled to participate in the upcoming auction organised by the Estonian government, which will open the door to further funding and international collaboration . Construction of the wind farm is expected to be completed in 2032.
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Source: Enefit Green
Photo: Shutterstock
