Ignitis Group is set to participate in Lithuania's second offshore wind tender, aiming to secure the rights to develop 700 megawatts (MW) of capacity in the Baltic Sea. As part of its strategy, the company has initiated a selection process for a partner or consortium to join the project, allowing for a maximum stake of 49%.
The tender process is scheduled to begin on November 18, 2024, with the National Energy Regulatory Council overseeing the proceedings. The winning bid is expected to be announced by the end of April 2024. If Ignitis does not secure a partner by the end of the tender, it plans to proceed independently while continuing to seek a partner in parallel.
The company aims to significantly expand its renewable energy capacity, targeting a fourfold increase from 1.3 gigawatts (GW) in 2023 to between 4 GW and 5 GW by 2030. As part of this strategy, Ignitis intends to develop one offshore wind project with a commercial operation date (COD) around 2030, and another project with a COD scheduled for after 2030.
Ignitis Group noted that it would only provide further updates on the tender's progress in the event of a successful bid, as well as on the partner selection process once a binding agreement is reached. The company also stated that this initiative does not alter its guidance for Adjusted EBITDA and Investments for 2024.
