Ignitis Renewables has signed a sale and purchase agreement with Ocean Winds to acquire its stake in Curonian Nord project, becoming the sole owner of Lithuania’s first offshore wind farm.
Ignitis Renewables, part of Ignitis Group, received the approval from the National Energy Regulatory Council (NERC) of Lithuania for the acquisition of 49% shares in UAB ‘Offshore wind farm 1’, the company developing the Curonian Nord offshore wind project.
Upon closing the transaction, Ignitis Renewables will acquire 49% of the shares at a nominal price. Ignitis Renewables will also secure the project-related work, research data and intellectual property by reimbursing Ocean Winds for its directly incurred project-related costs.
This change will not affect the implementation of the Curonian Nord project, with planned 700 MW capacity, according to the company.
“Ignitis Renewables continues the work of the project independently and has all the necessary managerial and financial capacities to implement the preparatory work and the required investments to obtain a construction permit in 2027. Ignitis Renewables aims to select a new partner prior the final investment decision,” the company said.
Ocean Winds is concentrating its activities in other markets and will exit Curonian Nord project once the transaction is fully completed.