Lithuanian energy group Ignitis Renewables and Copenhagen Infrastructure Partners’ (CIP) New Markets Fund I have signed an agreement to collaborate exclusively on offshore wind opportunities in Estonia and Latvia and intend to jointly bid on the upcoming offshore wind tenders in these countries. The partnership leverages Ignitis Group’s leading market position in the Baltic region and CIP’s global offshore wind expertise.
Estonia’s adoption of a legal framework for offshore wind site allocation has paved the way for the utilisation of extensive offshore wind potential. Meanwhile, Latvia continues to advance the development of legislation to realise its vast offshore wind potential. Ignitis Renewables and CIP aim to become an active and long-term partner for the energy transition in the Baltic region, supporting Estonia and Latvia’s decarbonisation targets and energy security ambitions through the deployment of offshore wind.
The companies will support efforts to develop an offshore wind industry in Estonia and Latvia, focusing on the establishment of a local knowledge hub and workforce to boost employment opportunities in this growing sector. Maximising local economic benefits is key to establishing a solid foundation and sustainable investment environment.
“We see the Baltic States as leaders of renewable energy in the future and Ignitis Group is set to lead this regional transition,” said Darius Maikštėnas, CEO of Ignitis Group. “A strategic partnership with CIP, the world’s largest dedicated fund manager within greenfield renewable energy investments and a global leader in offshore wind will allow us to be on strong footing as we develop offshore projects in Estonia and Latvia.”
“In the updated long-term corporate strategy of Ignitis Group, which was presented in May this year, we describe the energy sector as an ecosystem and our commitment to maximise sustainable value,” he added. “Thus, we are updating our purpose, which is creating a 100 per cent green and secure energy ecosystem for current and future generations. Our strategy focuses on delivering 4–5 gigawatts (GW) of installed green and flexible capacities by 2030.”
“We are taking an important step in contributing to a sustainable and secure energy future for the Baltic region through our New Markets Fund,” stated Ole Kjems Sørensen, Partner in CIP and Head of the New Markets Fund. “Alongside our local partner Ignitis Group, one of the largest renewable energy generators in the Baltic region, CIP aims to explore opportunities that tap into Estonia’s and Latvia’s substantial growth potential across renewable technologies including Power-to-X. CIP believes offshore wind has the potential to play a critical role in both nations achieving their targets and transforming the Baltic region into a long-term, self-sustained green energy hub.”