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Finance

Ignitis Renewables participating in second Lithuanian offshore wind tender

Lithuanian energy company Ignitis Renewables announced on Monday (15 April) that it is participating in a tender for the second 700 megawatt (MW) Lithuanian offshore wind farm in the Baltic Sea.

The company has submitted the necessary documents and the bid to the National Energy Regulatory Council (NERC), which is organising the tender.

The decision to participate in the second tender is driven by the change in the project implementation schedule. Under the terms of the tender, the project would have to be implemented within 8 years.

This means that the investment schedule would potentially not coincide with the implementation of the first Lithuanian offshore wind farm project, which, in the event of a successful tender, would make it financially feasible to successfully implement both projects, Ignitis Renewables noted in a press release.

Ignitis Renewables is capable of participating in this tender on its own since the company has won the rights to develop offshore wind projects in Lithuania and Estonia, which satisfy the tender qualification requirements. “Our long-term strategy is to develop projects with reliable and experienced partners, and if we win the tender, we will immediately start the partner selection process,” said Thierry Aelens, CEO at Ignitis Renewables.

Mr Aelens highlighted that the company is pursuing Ignitis Group’s goal to increase its green generation capacity 4 times, from the current 1.3 to 4–5 gigawatts (GW). 

In 2023, Ignitis Renewables and its partner, Ocean Winds, were the winners of the first 700 MW Lithuanian offshore wind tender. Currently, the project has already received a permit to use a part of the maritime area for the development and operation of renewable energy capacities.

Additionally, the company, together with its partner, Copenhagen Infrastructure Partners (CIP), won two Estonian tenders for developing offshore wind projects in the Baltic Sea, territories Liivi 1 and Liivi 2.

Copenhagen Infrastructure Partners, Ignitis Renewables to develop second offshore farm in Estonia

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