Ignitis Renewables, a subsidiary of the Lithuanian energy group Ignitis Group, has taken a decisive step in its expansion strategy by acquiring the remaining 49% of the company developing the Curonian Nord offshore wind farm, thus becoming its sole owner. This transaction was authorized by the National Energy Regulatory Council (NERC) on October 10.
The acquired interest belonged to Ocean Winds which has decided to redirect its efforts to other international markets. According to the sale and purchase agreement, Ignitis will reimburse the direct costs of the project and will take over the intellectual property, research data and technical development of the Curonian Nord project.
A project for Lithuania’s energy independence
Located some 35 kilometers off the coast of Palanga, Curonian Nord, it will have a projected installed capacity of 700 MW, making it Lithuania’s first offshore wind farm and the country’s largest energy project to date. It is expected to generate approximately 3 TWh of electricity per year, representing a quarter of the country’s current electricity demand.
Ignitis Renewables’ strategy
This acquisition is part of the company’s corporate goal to add between 1.2 and 1.6 GW of new green capacity by 2028. Therefore, the immediate goal is to achieve a construction permit by 2027, with a view to starting commercial operations by 2030.
Ignitis has confirmed that it has the technical and financial solvency to continue the work independently. Even so, the company plans to select a new strategic partner before making a final investment decision.
Ocean Winds withdraws, but the project moves forward unabated
Ocean Winds’ exit, while marking a change in the shareholder structure, does not alter the timetable or objectives of the Curonian Nord project . Curonian Nord project . Ignitis has assured that preparatory work is continuing as planned.
For the Lithuanian company, this is an important moment to consolidate its regional leadership in renewable energy. renewable energies especially in a context where energy security and autonomy have become strategic priorities in Eastern Europe.
Source: Ignitis Renewables
