European Energy has entered into an agreement to sell a wind and solar project in Lithuania with a total capacity of up to 470 MW to Energix - Renewable Energies Ltd.
The project consists of a wind farm with an estimated capacity of approximately 140 MW and a photovoltaic facility of up to 330 MW. It is currently in the pre-Ready-to-Build (pre-RTB) stage. European Energy will develop these parks and bring them to a stage where they are ready for the next phase of investment and construction. The company expects the project to reach the Ready-to-Build stage within a few months.
"European Energy is pleased to complete this sale in Lithuania and views the collaboration with Energix as a positive development. This divestment demonstrates the confidence that market leaders have in European Energy as a renewable energy developer with a diverse and strong portfolio of renewable energy assets," says Jens-Peter Zink.
"We look forward to seeing these projects progress under their new ownership and are keen to work together with Energix to advance the projects and expand renewable energy capacity in Lithuania."
Lithuania is actively developing its renewable energy sector, targeting approximately 45% of electricity generation from renewable sources by 2030 as part of its energy independence strategy. Currently, around 50% of Lithuania's electricity consumption is met through imports. Electricity trading takes place via Nord Pool, the world's largest electricity exchange, and Lithuania's grid is connected to the European electricity network, including Poland.
"The Baltics is one of the key markets for European Energy, and our strong team in the region has constructed around 450 MW of renewable energy capacity, and we have approximately 200 MW of further solar and storage capacity currently under construction. It is a remarkable achievement, considering we established our office in the country just four years ago," says Thorvald Spanggaard, EVP and Head of Project Development at European Energy.
The transaction is expected to be completed later in 2025.
Contact
Ming Ou Lü
PR Manager
miol@europeanenergy.com
+45 3126 9376
