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Ignitis Group to Develop Offshore Wind Farms with Ocean Winds

Source: www.gulfoilandgas.com 9/15/2020, Location: Europe

- Ignitis Group is has announced a partnership with renewable energy leader Ocean Winds (OW) in the development of offshore wind farm projects.

- The partnership with one of the largest offshore wind farm developers in the world will allow Ignitis Group to gain experience in offshore wind projects in other countries, which will be used to develop offshore wind energy in Lithuania.

- Together with partners, Ignitis Group aims to participate in auctions for offshore wind farms in Lithuania.

- Ignitis Group will also contribute to the development of an offshore wind farm in the UK, taking a 5% stake in the Moray West wind farm.

- The strategic partnership with OW (the Joint Venture of EDP Renewables and Engie), will bring foreign investment to the Lithuanian offshore wind energy sector, which may exceed EUR 700 million.

Ignitis Group announces that it has selected a strategic partner for the development of offshore wind farm projects – Ocean Winds (OW), created by Engie and EDPR, two European energy leaders with approximately 30 GW of renewable energy capacity worldwide. Ignitis Group, together with Ocean Winds, aims to participate in the first auctions for offshore wind in Lithuania which is expected in 2023.

In 2020, Engie and EDPR formed a joint venture, OW, which aims to be among the top five offshore wind energy players in the world.

Ignitis Group started the search for a strategic partner for the development of offshore wind farm projects in Q1 2019. After initiating a search, the group established a dialogue with European wind energy leaders and received initial interest from more than 10 potential partners, and 7 participants submitted official Expressions of Interest (EOIs).

Darius Maikstenas, Chairman of the Board and CEO of Ignitis Group said:

'The strong interest we received from European wind energy leaders in the opportunities for cooperation indicated that we are on the right track and that we can see the Baltic States among leaders of 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 then will participate in auctions for the 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.'

If the partners jointly develop the planned offshore wind farm project in Lithuania, the capacity of which is expected to reach about 700 MW, Ignitis Group will own 51 percent, and strategic partner OW 49 percent of shares. According to experts, investment in a project of this size can reach up to EUR 1.5 billion. As a result of this strategic partnership, the total amount of foreign investment in Lithuanian offshore wind energy sector may exceed EUR 700 million.

Darius Maikštenas, Chairman of the Board and CEO of Ignitis Group, said:

'In the updated long-term corporate strategy, which was presented in June this year, Ignitis Group is aiming to achieve 4 GW of installed green generation capacity by 2030. Offshore wind projects will contribute a significant part of this capacity. Ignitis Group’s corporate strategy is also aligned with the targets of Lithuania’s National Energy Independence Strategy, that by 2030 will see wind power plants produce 50 per cent of the country’s electricity.

The strategic partnership with OW, one of the largest offshore wind farm developers in the world will allow the Group to gain experience in offshore wind projects in other countries, which will be used to develop offshore wind energy in Lithuania.'

Ignitis Group will be a minority partner in the development of the Moray West wind farm on the East coast of Great Britain, with Ignitis Group owning 5 percent of shares. It is estimated that Ignitis Group will invest approximately ten times more in offshore wind farms in Lithuania than in the Moray West project.

Spyridon Martinis, CEO of OW, said:

'We are proud to announce our strategic partnership with Ignitis Group that will make a substantial contribution to our business plan and growth strategy for new markets adding 700 MW to our portfolio to be developed in Lithuania. At the same time this will improve our cooperation with key market players in geographies where we have strong leadership sharing our knowledge and experience to add value to our assets and shareholders.'

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