Ørsted has partnered with Estonia-based wind energy company Enefit to develop offshore wind projects in the Baltic Sea.
The companies will build the first offshore wind farm in the Gulf of Riga by 2030.
In September, the Latvian and Estonian governments signed a memorandum of understanding for a joint offshore wind farm.
Subject to a supportive regulatory framework for offshore wind being in place, Ørsted and Enefit aim to deliver this project before 2030.
The project is aimed at supporting the Baltic countries’ decarbonisation.
Under the agreement, Ørsted and Enefit aim to establish a joint venture company for developing offshore wind projects in these countries, including the Liivi offshore wind project in the Estonian part of the Gulf of Riga.
Ørsted Continental Europe Region head Rasmus Errboe said: “We are very excited about teaming up with Enefit, with the goal of developing offshore wind opportunities in the Baltic countries.
“With the right regulatory framework in place, offshore wind can deliver large-scale green energy in Estonia and Latvia before 2030.
“The sheer size of offshore wind farms makes them ideal for cross-border hybrid solutions, and we commend the Estonian and Latvian governments for their leadership in advancing regional corporation on large-scale renewable energy production.
“To a large extent, the Baltic countries can be powered by renewable energy from offshore wind, and we look forward to teaming up with Enefit to realise this potential.”
Enefit management board chairman Hando Sutter said: “We have been preparing an offshore wind farm in the Gulf of Riga for more than ten years, which has given us a good knowledge of the local offshore wind conditions and makes this collaboration well positioned to deliver on the ambitious 2030 targets for Estonia and the Baltic countries.
“Together with the world’s leading developer of offshore wind farms, Ørsted, we now take an important step towards our vision of delivering offshore wind energy in the Baltic countries before 2030.
“It is essential that offshore wind is developed in an environmentally friendly way that involves local communities, so that they can benefit from the wind farm.”
Ørsted has also applied for an area in Latvian waters next to the Liivi site, with the objective of pursuing a cross-border hybrid solution to connect an offshore wind farm to both Latvia and Estonia.
Last week, the company partnered with Danish institutional investor ATP to submit a bid in the upcoming tender for the North Sea energy island.
Located 80km from the coast of Denmark in the North Sea, the 120,000m² artificial energy island will serve as a transmission centre for multiple offshore wind farms.