The partnership placed the highest bid in the auction, to the amount of 1.7 million euros. The maritime area for the offshore wind farm is located northwest of Ruhnu Island, near Estonia's Baltic Sea coast, covering approximately 115 square kilometers. It has a total capacity of up to 1.4 gigawatts and is expected to become operational after 2030.
“With today's announcement, we are taking an important step in expanding our presence in the Baltic states, a core market of CIP's Growth Markets Funds” said Ole Kjems Sørensen, Partner in CIP and Head of the Growth Markets Funds. “We believe this project could be a cornerstone investment in Estonia's transformation into a sustainable, long-term European green energy hub.”
The partnership draws on Ignitis Renewables’ leading market position in the Baltic region and CIP’s global offshore wind expertise. Ignitis Renewables and CIP aim to become active and long-term partners for the energy transition in the Baltic region, supporting Baltic states’ decarbonisation targets and energy security ambitions through the deployment of offshore wind.
“This is the second offshore wind tender secured by the Ignitis Renewables in the Baltic States” added Darius Maikštėnas, CEO of Ignitis Group. “By winning, the group achieves its strategic goal of securing a second offshore wind development project in our home market, which is a substantial step towards our overall objective to achieve 4–5 GW of installed green and flexible capacities by 2030. He highlighted that this achievement marks yet another significant milestone in the Baltic region's energy transition. It supports the goals of decarbonisation and enhances energy security by advancing the use of offshore wind.
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