Ignitis Group Submits Bid for a 700 MW Lithuanian Offshore Project

Ignitis Group has announced its decision to participate in the second Lithuanian offshore wind tender. The group's subsidiary, Ignitis Renewables, has submitted a bid to develop approximately 700 MW of offshore wind projects in the Baltic Sea.

The site for the future offshore wind farm is located approximately 30 km from the coast and covers an area of around 136 square kilometers. It is expected to generate around 3 TWh of clean energy annually. The National Energy Regulatory Council (NERC), which is overseeing the process, is expected to announce the winner by May 31, 2024.

The tender regulations allow potential developers to either submit a development fee or request support in the form of a two-way contract for difference (CFD) between 68 USD/MWh and 114 USD/MWh. Winning the tender would grant the right to use the maritime area for 41 years and a secured grid connection.

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The change in the project implementation schedule motivated the decision to take part in the second tender. As the project is set to be implemented within 8 years, it may not coincide with the implementation of the first 700 MW Lithuanian offshore wind farm.

The Group aims to increase its green generation capacity 4 times, from 1.2 GW in 2022 to 4.5 GW by 2030. Based on the strategy, the group aims to complete one offshore wind project development project by 2030 and the other after 2030. The Group will only make a separate material announcement in the event of a successful outcome of the tender.

About Ignitis Renewables

Ignitis Renewables is a leading green energy company operating in the Baltic states and Poland. The company's primary objective is to develop a low-carbon electricity generation portfolio focusing on offshore wind, onshore hybrid, and storage technologies.

The company is committed to creating a 100% green and secure energy ecosystem for current and future generations. This commitment is reflected in their diverse range of projects, including the development of onshore and offshore wind farms, solar energy plants, and waste-to-energy projects.

Furthermore, the company aims to deliver 4-5 GW of installed green generation capacities by 2030. The company's values of responsibility, partnership, openness, and growth are what motivates this ambitious goal. The group is executing renewable energy projects in Poland and Lithuania.

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