Ignitis to Become Sole Owner of Lithuania’s First Offshore Wind Farm as Ocean Winds Plans Exit

Ignitis Renewables has signed a sale and purchase agreement with Ocean Winds to acquire full ownership of the Curonian Nord offshore wind project in Lithuania.

Ignitis Renewables, an Ignitis Group subsidiary, plans to acquire 49 per cent of Ocean Winds’ shares at a nominal price in the company developing the 700 MW offshore wind project.

The company will also secure the project-related work, research data, and intellectual property by reimbursing Ocean Winds for its directly incurred project-related costs.

According to Ignitis Renewables, Ocean Winds is concentrating its activities in other markets and will exit the Curonian Nord project once the transaction is completed.

Ignitis Group’s subsidiary intends to choose a new partner before making the final investment decision and aims to secure a construction permit in 2027.

The company, in a joint venture with Ocean Winds, secured the development rights for the offshore wind farm in Lithuania’s first offshore wind auction, held in 2023. 

Last year, Ignitis Renewables prepared an environmental impact assessment (EIA) programme on whose basis the EIA for the project is being conducted, and also started wind and metocean measurement campaigns at the offshore wind farm site.

The company also decided to take part in the country’s second offshore wind tender, but the auction was unsuccessful as Ignitis Renewables was the sole applicant for a permit.

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