Ignitis Group, a Lithuania-based energy company, has decided to bid in the country’s second offshore wind tender.
The tender, set to commence in mid-November 2024, will offer rights to develop 700MW capacity in the Baltic Sea.
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The National Energy Regulatory, which supervises the process, is expected to announce the successful bidder by the end of April 2025.
Ignitis has also initiated a process to find a partner or consortium for the project. The aim is to have the collaborator take up to a 49% stake.
If a partner is not selected by the end of the tender, it will take part in the tender independently while continuing to seek a suitable partnership.
Ignitis’ decision to participate in the tender is part of its objective to quadruple installed renewables capacity to 5GW by 2030 – up from 1.3GW in 2023.
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By GlobalDataThe company is looking to develop another offshore wind project with a commercial operation date post-2030.
The move does not alter Ignitis Group’s adjusted earnings before interest, taxation, depreciation and amortisation, or its investments guidance for 2024.
In October 2024, Ignitis, together with its partner Ocean Winds, was selected by Lithuania’s National Energy Regulatory Council (NERC) to construct a 700MW wind farm – the first offshore project in the country.
NERC approved the project by Ignitis and Ocean Winds following a review to ensure it met national security requirements.
The regulatory board provisionally chose the partnership in July 2023.
