Ignitis Renewables has signed a sale and purchase agreement with Ocean Winds to acquire its 49% stake in the proposed 700MW Curonian Nord offshore wind project in the Baltic Sea.
The agreement follows approval by Lithuania’s National Energy Regulatory Council (NERC) on 10 October, with transaction completion expected in the coming days.
Under the deal, Ignitis Renewables will purchase the shares at a nominal price and reimburse Ocean Winds for project-related costs, including work, research data and intellectual property.
The developer said the change in ownership will not affect the implementation of the Curonian Nord project and that it has the managerial and financial capacity to carry out preparatory work and investments needed to obtain a construction permit by 2027.
Ignitis Renewables plans to select a new partner before taking a final investment decision.
Ocean Winds, which is refocusing its activities in other markets, will fully exit the project upon closing, said Ignitis.
Ignitis Group added that the transaction will not affect its 2025 adjusted EBITDA or investment guidance.