A subsidiary of Danish developer European Energy called EE Lithuania Emerald has completed the sale of three wind farms in Lithuania with a total capacity of almost 186MW for an undisclosed price.
The three projects, with a combined capacity of 185.5MW, have been sold to JSC Atsinaujinancios Energetikos Investicijos, managed by Lords LB Asset Management, together with the Taaleri SolarWind II fund, managed by Taaleri Energia.
They are are located in the municipalities of Anyksciai, Jonava and Rokiskis.
The wind farms are under construction and consist of a total of 34 GE 158-5.5MW turbines with 230-metre tip heights.
The first turbines will start to operate in December and the wind farms will become fully operational by the end of 2022.
GE will be responsible for turbine maintenance under a 30-year contract.
The trio will generate approximately 560 gigawatt-hours of electricity a year.
They have entered into 10-year power purchase agreements with Axpo.
Long-term project financing for the investments has been provided by the Danish investment manager AIP Management on behalf of its investors.
European Energy chief executive Erik Andersen said: “Even though we have only recently entered the Lithuanian market, this divestment of such a large wind portfolio proves that Lithuania is a booming market with a will to be a forefront in the green transition.”
JSC Atsinaujinancios Energetikos Investicijos manager Tomas Milasauskas said: “We are pleased to contribute to the region’s energy transition and security of energy supply by providing developers with an access to institutional capital.
“We believe that our joint venture with Taaleri Energia will have a significant impact for renewable energy capacity development in the region.
“Unlocking Baltic renewable energy potential will lead to tremendous value creation for the region and for our investors.”
Taaleri Energia managing director Kai Rintala said: “We are delighted with this deal, which brings the number of investments from the Taaleri SolarWind II fund to ten and represents its entry into a new market.
“Lithuania has excellent wind resources and a clear plan to increase the share of renewable energy in its power generation mix.
“Our joint venture with Lords LB paves the way for further investments in the Baltics and we look forward to continuing to build on the partnership.”