Polish energy company Polenergia has entered into a cooperation with renewables developer Green Genius to bid for a Lithuanian offshore wind tender in the Baltic Sea.
The cooperation, first reported in the January 2022 edition of reNEWS, is for Lithuania’s first offshore wind farm.
The investment agreement between Green Genius and Polenergia, under which a joint venture will be established to develop the Baltic project, is subject to the approval of the relevant competition authority.
The first offshore wind power project in Lithuania is expected to start operating in 2030 and will have a capacity of 700MW.
The tender competition for the implementation of the project is planned for September 2023.
Polenergia has a track record of investment experience in Central Europe, while Green Genius is “well acquainted” with local Lithuanian regulations.
The joint venture will create an “optimal strategy and competitive technical and business preconditions” for an offshore wind farm project.
Green Genius chief executive Ruslanas Sklepovicus said: “The significance of renewable energy is increasing in days, not in years anymore.
“To make the tangible change for energy independence in the region, as well as sustainability, we have to act faster and smarter.
“Therefore, I’m more than excited to go for this partnership, which may offer efficiency and advantage to the whole electricity market in the Baltic Sea region.”
Polenergia management board president Michal Michalski added: “We see the need to show the world that strengthening the economies of this part of Europe is a historical necessity.
“In this way, we want to emphasise the strategic importance of cross-border cooperation and prove that wind energy is no longer an alternative energy, but traditional energy that will build energy independence.”