Monday, September 28, 2020
Home Finance & Regulations Eesti Energia signs largest green energy purchase agreement in the Baltics

Eesti Energia signs largest green energy purchase agreement in the Baltics

Estonia’s energy company Eesti Energia signed an agreement with the Lithuanian wind energy company E energija, to purchase all the green energy produced by the future wind farm within ten years. In the Baltics, this is the largest such transaction in history.

The new E energija Telšiai 68,9 megawatts (MW) wind farm, which will be launched in 2022, will produce 235 gigawatts per hour (GWh) of green electricity per year, which would cover the annual electricity consumption of nearly 80,000 households. It considered the largest wind park in Lithuania in terms of electricity output.

In addition to household customers, Eesti Energia will supply wind energy to business customers in order to create better opportunities for companies to make their operations more environmentally friendly.

Eesti Energia’s willingness to buy the entire production of the wind farm within 10 years was actually the key factor in financing the park.

According to Margus Vals, member of the company’s Management Board, Eesti Energia is the leading developer of renewable energy in the region through its subsidiary Enefit Green, but through cooperation and long-term power purchase agreements with other developers, it is possible to make an even greater contribution to Baltic countries in order to become the leading emissions reducer in Europe and at the same time, increase the region’s energy independence.

“As an international energy company, our task in every home market is to strive for smarter customer solutions and cleaner energy production,” said Mr Vals. “We want to do this in many ways, which is why we contribute both as a developer of renewable energy and as a buyer of it, in order to offer our customers even more clean energy. We are constantly looking for new ways to grow our green energy portfolio.”

“We, as E energija, are happy to be at the forefront of the renewable energy development and to sign the first significant PPA transaction in the Baltics,” added Gediminas Uloza, CEO of E energija. “By building the first subsidy-free wind farm in the region, we open the door for the transition of the whole Baltic energy system and we thank Eesti Energia for supporting our goals in these turbulent times.”

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