Sumitomo Corporation (SC) and Enefit Green have signed an agreement outlining the start of strategic partnership for developing the first offshore wind farm in the Gulf of Riga in the Baltic Sea.
According to the signed agreement, Enefit Green is selling a 50% stake in Liivi Offshore OÜ, the project company for the 1GW Liivi Bay offshore wind farm, to Sumitomo Corporation (SC) a Fortune Global 500 company.
Hiroyuki Fujioka, SC’s head of overseas energy solution unit No.2, said: “Estonia is one of the attractive emerging offshore wind markets, and the Liivi Bay offshore wind farm, developed by Enefit Green, is one of the most attractive projects in the market.
“SC is delighted to enter a partnership with Enefit Green and contribute to Estonia’s green transition through the development of the Liivi Bay offshore wind farm, by making the most of our experience gained through active participation in multiple offshore wind projects in Europe and Asia.”
Juhan Aguraiuja, chairman of the management board of Enefit Green, added that offshore wind is essential to Estonia’s energy system and its Liivi Bay offshore wind farm will be a nation building infrastructure, when complete.
He said: “To deliver such a large energy infrastructure a strategic partnership with a global trading house such as SC enables us to accelerate the development of the Liivi Bay offshore wind farm by combining international expertise and experience in construction of offshore wind farms.
“This partnership brings together Enefit Green’s extensive and in-depth knowledge of local conditions and SC’s global offshore wind experience, driving forward the Liivi Bay project and supporting Estonia’s energy transition and security.
“The construction of offshore wind farms, like the Liivi Bay project, could create the conditions for the emergence of a new downstream industry with professional competences and highly qualified long-term jobs in the fields of energy, transport, and logistics.”
The project expects to participate in the upcoming auction to be held by the Estonian government, which will be the backbone for the project to invite international lenders and suppliers, with expected completion of the construction of the wind farm in 2032.
The Liivi Bay offshore wind farm is planned to consist of up to 84 turbines, with an annual electricity production of up to four terawatt-hours.
The farm’s location is in the Gulf of Riga, 11km from Kihnu Island and 16km from Häädemeeste.