Ignitis Renewables has signed an agreement to acquire the remaining 49% stake in the planned 700-megawatt Curonian Nord offshore wind project in the Baltic Sea from Ocean Winds, following regulatory approval in Lithuania.
The sale and purchase agreement, confirmed by the country’s National Energy Regulatory Council (NERC) on Oct. 10, allows Ignitis to take full ownership of the development. Completion of the transaction is expected in the coming days.
Under the terms of the deal, Ignitis Renewables will acquire the shares at a nominal price and reimburse Ocean Winds for previous project-related expenditures, including research data, intellectual property, and development work.
Ignitis said the ownership change will not impact the project’s timeline or development plans, and that the company has the managerial and financial capacity to carry out the necessary preparatory work ahead of a construction permit expected by 2027.
“This transaction does not affect the implementation of the Curonian Nord project,” the company said, adding it intends to bring in a new partner before making a final investment decision.
Ocean Winds, a joint venture between EDP Renewables and ENGIE, will fully exit the project upon closing. The company said it is refocusing its strategy in other offshore wind markets.
Ignitis Group noted the acquisition will not have an impact on its 2025 adjusted EBITDA or investment guidance.
