Polish energy company Polenergia is setting up a joint venture with Green Genius, the renewables arm of Lithuanian outfit Modus Energy, to develop offshore wind farms off the coast of Lithuania.
The management board of Polenergia said the key terms of the JV have been agreed, including the roles of the two parties, corporate governance issues and envisaged project schedules.
The duo have also extended an agreement for Polenergia to have exclusive rights to conduct negotiations with Green Genius on the JV until 15 February 2022 from 31 December 2021 previously.
The extension is in order to complete the work on the documentation related to the establishment of the JV, which also requires Polenergia to obtain necessary corporate approvals.
Further developments regarding the JV will be announced when the documentation has been signed, the Polish company said.