Lithuanian Energy to look for strategic partners for offshore wind farm investment

Lithuania’s state-run energy group Lietuvos Energija (Lithuanian Energy), planning investment into renewable energy in Lithuania and abroad, is set to look for strategic partners for the implementation of offshore wind farm projects in the Baltic Sea, the group’s head Darius Maikstenas told LETA/BNS.

“Early next year, we will start looking for strategic partners who have already implemented 1-2 GW projects to get ready for farm projects in the Lithuanian waters in the Baltic Sea. These would be Europe’s major companies, including those with state capital,” Maikstenas told journalists.

In his words, the group, in cooperation with a strategic partner, could not only build wind farms in the Lithuanian part of the Baltic Sea, but also take part in other projects. Lietuvos Energija is looking to invest into renewable energy, including land, offshore wind farms and solar farms. The potential power of these projects could amount to up to 4 GW, but Maikstenas refrained from providing any details.

Darius Kasauskas, the group’s CFO, says it has not been decided yet where the funding of the new investment would come from, adding that they could include loans, own or bond revenue. The final decision will be based on a market analysis.

According to Kasauskas, Lietuvos Energija has not full used the 190 mln euros loan the company received from the European Investment Bank, with the first installment of 20 mln euros taken later this month.

Next year, Lietuvos Energija plans to acquire a 50 MW wind farm in Poland. The project of undisclosed value is subject to the implementation of certain preconditions.

The group seeks to operate 400MW of green energy capacity in the Baltic States and Poland by 2020. The group’s investment will stand at 6 billion euros over the next 12 years, with the majority of it going to smart and green energy.

Lithuania’s Energy Ministry estimates that tender for offshore wind farms in the Baltic Sea could be announced in 2021-2022.

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