Our team has been advising Ignitis Group – one of the largest international utilities and renewable energy companies in the Baltic region – on entering into partnership with renewable energy leader Ocean Winds in the development of offshore wind farm projects.
Ignitis Group, together with Ocean Winds, aims to participate in the first auctions for offshore wind in Lithuania, expected in 2023.
Baltic States seen among future leaders in renewable energy
Ocean Winds is a joint venture between EDP Renewables and Engie – two European energy leaders with approx 30 GW of renewable energy capacity worldwide. The strategic partnership with Ocean Winds will bring foreign investment to the Lithuanian offshore wind energy sector, which may exceed EUR 700 million.
Darius Maikštėnas, Chairman of the Board and CEO of Ignitis Group said: “The strong interest we received from European wind energy leaders in opportunities for cooperation indicated that we are on the right track and that we can see the Baltic States among the leaders in renewable energy in the future. We plan to implement a strategic partnership with OW, one of the largest offshore wind farm developers in the world, through a two-stage partnership process. Ignitis Group will initially gain valuable expertise by participating in a new offshore wind farm development project as a minority partner and will then participate in auctions for development of specific projects in the Baltic Sea. Offshore wind technology is constantly evolving, and the Baltic Sea is considered one of the most promising places for the development of this type of energy.”
Read more here.
Our services and project team
We are advising the client in all matters related to the strategic partnership. Our team was led by partner Sergej Butov and senior associate Evaldas Dūdonis.