In a stock exchange release, Polenergia’s board of directors announced its decision to terminate work on a wind farm project in the Baltic Sea in the region of Lithuania’s territorial waters or the exclusive economic zone of the Republic of Lithuania. The project was to be reported in the context of an offshore wind energy auction in Lithuania, which was to be held in the second half of this year.

The decision not to proceed with the project was based on an economic analysis, taking into account the parameters of the planned auction, including the maximum transaction price announced by the National Energy Regulatory Council (NERC) on July 13, 2023. NERC has set a maximum transaction price of €107.18/MWh for the purchase and sale of electricity from renewable energy sources, and a minimum transaction price threshold of €64.31/MWh.

Polenergia made the decision after consultations and in consultation with the Lithuanian company Modus Energy AB, which was to be a local partner in the project, operating under the Green Genius brand. The parties agreed for the cooperation in this area to be terminated.

However, it is worth recalling that last March, BalticWind.EU reported on Polenergia’s investment plans in Lithuania, in cooperation with Green Genius. The two companies have signed a cooperation agreement to win a tender announced by the Lithuanian state for the construction of Lithuania’s first offshore wind farm in the Baltic Sea. The project was crucial for the development of renewable energy in the Baltic Sea region and for sustainable economic development.

Despite its withdrawal from the project, Polenergia expresses continued interest in the Lithuanian market and is analyzing potential investment opportunities in the area.

Source: & BatlticWind.EU