European Energy is to sell a 470MW wind and solar project in Lithuania to Energix.
The companies have signed a sales agreement and the transaction is expected to be completed later in 2025.
The project consists of a wind farm with an estimated capacity of approximately 140MW and a photovoltaic facility of up to 330MW.
European Energy will develop the parks and bring them to a stage where they are ready for the next phase of investment and construction.
The company expects the project to reach the ready-to-build stage within a few months.
Deputy chief executive Jens-Peter Zink said: “European Energy is pleased to complete this sale in Lithuania and views the collaboration with Energix as a positive development.
“This divestment demonstrates the confidence that market leaders have in European Energy as a renewable energy developer with a diverse and strong portfolio of renewable energy assets.
“We look forward to seeing these projects progress under their new ownership and are keen to work together with Energix to advance the projects and expand renewable energy capacity in Lithuania.”
Lithuania is targeting approximately 55% of electricity generation from renewable sources by 2030 as part of its energy independence strategy.
Currently, around 60% of Lithuania’s electricity consumption is met through imports.
Electricity trading takes place via Nord Pool, the world’s largest electricity exchange, and Lithuania’s grid is connected to the European electricity network, including Poland.
Head of project development at European Energy Thorvald Spanggaard added: “The Baltics is one of the key markets for European Energy, and our strong team in the region has constructed around 390MW of renewable energy capacity, and we have approximately 150MW of further solar and storage capacity currently under construction.
“It is a remarkable achievement, considering we established our office in the country just four years ago.”