Copenhagen Infrastructure Partners (CIP) and Ignitis Renewables, through its New Markets Fund, have signed an agreement to collaborate exclusively on offshore wind opportunities in Estonia and Latvia.
Estonia’s adoption of a legal framework for offshore wind site allocation and Latvia’s progress to advance the development of legislation, are attracting developers seeking to exploit their Baltic Sea potential.
CIP and Ignitis Group will support efforts to develop an offshore wind industry in the countries, focusing on the establishment of a local knowledge hub and workforce to boost employment opportunities in this growing sector.
Partner in CIP and head of the new markets fund, Ole Kjems Sorensen, said: “Alongside our local partner Ignitis Group, one of the largest renewable energy generators in the Baltic region, CIP aims to explore opportunities that tap into Estonia’s and Latvia’s substantial growth potential across renewable technologies including Power-to-X.
“CIP believes offshore wind has the potential to play a critical role in both nations achieving their targets and transforming the Baltic region into a long-term, self-sustained green energy hub.”
Ignitis Group chief executive Darius Maikštėnas, added: “We see the Baltic States as leaders of renewable energy in the future and Ignitis Group is set to lead this regional transition.
“A strategic partnership with CIP, the world’s largest dedicated fund manager within greenfield renewable energy investments and a global leader in offshore wind will allow us to be on strong footing as we develop offshore projects in Estonia and Latvia.”