Ignitis Group is to participate in Lithuania’s second offshore wind tender for the rights to develop 700MW of capacity in the Baltic Sea.
The developer has also launched a selection process for a partner or consortium to join the project to take a maximum stake of 49%.
The tender will start on 18 November 2024, with the winner expected to be announced by the National Energy Regulatory Council, which is overseeing the process, by the end of April 2024.
If no partners are selected by the end of the tender, Ignitis will participate in the tender without one and continue the selection process in parallel.
Ignitis is seeking to expand its installed renewables capacity by fourfold by 2030, from 1.3GW in 2023 to 4GW-5GW by 2030.
Based on the strategy, Ignitis aims to develop one offshore wind development project with a commercial operation date (COD) of around 2030 and one with a COD post-2030.
The company will only make a separate material announcement on the progress of the tender in the event of success and on the partnering process if a binding agreement is signed.
The developer said the move does not change Ignitis Group’s Adjusted EBITDA and Investments guidance for 2024.