Ignitis Renewables, a subsidiary of Ignitis Group, and strategic partner Ocean Winds (OW) emerge as the provisional winners of the tender for the 700 MW Lithuanian offshore wind project. The successful bid price of EUR 20 million showcases the commitment of these companies to advancing renewable energy in the region.

The Lithuanian National Energy Regulatory Council (NERC), the organizer of the tender, introduced a real-time bidding concept that allowed bidders to compete by offering the highest development fee. The provisional winner is expected to be confirmed by NERC shortly after the bidding process closes. The final announcement of the winner will take place in the beginning of the third quarter of 2023, following the screening for compliance with national security interests.

For Lithuania and Ignitis Group, this offshore wind project represents a significant milestone in achieving energy independence and reducing reliance on electricity imports. Darius Maikštėnas, CEO of Ignitis Group, recognizes the importance of these projects in increasing renewable energy production, ensuring affordable electricity for residents and businesses, and bolstering the country’s energy resilience.

Thierry Aelens, CEO of Ignitis Renewables, highlights that the development of an offshore wind portfolio in Lithuania and the Baltics aligns with Ignitis Group’s strategy to reach 4–5 GW of installed renewables capacity by 2030. This potential award marks a significant step forward in realizing their strategic goals.

Bautista Rodriguez, CEO of Ocean Winds, expresses pride in partnering with Ignitis Renewables to unlock the offshore wind opportunities in the Lithuanian market. The collaboration between these two companies brings together expertise and resources to make a substantial impact in the region’s renewable energy sector.

Once Ignitis Renewables and OW successfully complete the national security interests screening procedure, they will establish a joint company that will be awarded the development and operation permit. This permit will grant them the rights to utilize the maritime area for 41 years, facilitating the long-term development and operation of the offshore wind farm.

The selected maritime area for the offshore wind farm is situated approximately 30–36 kilometers from Lithuania’s Baltic Sea coast, covering a sizable area of around 120 km2. Upon completion and full operation by 2030, the 700 MW offshore wind farm is expected to generate up to 3 TWh of green electricity annually, accounting for up to a quarter of Lithuania’s current electricity demand.

The provisional win in the Lithuanian offshore wind tender marks a significant milestone in the country’s transition towards cleaner and more sustainable energy sources. It represents a crucial step in meeting renewable energy targets, reducing carbon emissions, and establishing Lithuania as a leader in offshore wind development in the Baltic Sea region.

Source: Ignitis Renewables