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Lithuania: residents first in the world to rent remote wind turbines

The international energy company Ignitis is now offering an online service in which residents can rent a part of a wind turbine. It is the first company in the world to introduce such a service. Until now, residents in Lithuania were only able to rent or acquire remote solar parks. The wind farm rental offer for private customers comes with a new green energy platform introduced by Ignitis.

The total installed capacity of the Vėjo Galia wind farm, which is in the Mažeikiai region, near Židikai, is 63 megawatts (MW), with 4.5 MW to be leased to residents. Around 1,000 private customers in total will be able to rent up to 5 kilowatts (kW) of the capacity of the turbine to cover their electricity needs.

“The energy sector is transforming and developing, we are moving towards the green deal at lightning speeds, therefore, investments into renewable energy keep growing in importance and they are becoming more reasonable and with faster returns,” said theCEO of Ignitis Group, Darius Maikštėnas. “We are constantly looking for opportunities to engage customers to enter the energy market and start contributing towards its development rather than remaining observers. The fact that today we can offer them a chance to adopt wind energy and, in turn, increase their resilience to the instability of energy prices is the result of the efforts of our team at Ignitis and we are very proud of this.”

A 4.5 MW wind turbine operating in the wind farm developed by a subsidiary of Ignitis Renewables will be available to rent, which means that anyone can rent a part of the turbine and use its generated electricity.

The residents will pay a rental fee, estimated at around 36 euros/kW per month, to the wind turbine’s operator. The electricity generated by the turbine will be converted into monetary value according to the terms and conditions agreed upon with the supplier and will be accumulated in the customer’s balance for electricity supply services. Customers will continue to buy the required electricity from the supplier, based on the chosen plan at the prices set out in the contract. The electricity bill will be offset by the monetary value generated by the leased part of the wind turbine. At the end of the lease agreement or after the customer terminates the supply contract with the supplier, the value of the generated electricity will be paid to the customer according to the terms and conditions set out in the contract.

Should the value of the electricity generated during the current month be greater than the consumption, the residual value will be used to offset future bills.

The option to rent a part of a wind turbine serves as an alternative for residents who currently do not have excess to other energy alternatives such as solar energy.

The wind farm is already under construction, with several of the fourteen wind turbines in total already erected. Ignitis estimates that customers who rent a part of a turbine will start generating electricity in the second half of 2023.

Ignitis Group is one of the largest energy groups in the Baltic region, operating internationally. The Group’s core activities include power and heat production and supply, power and natural gas trading and distribution, and power system maintenance and development.

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