Encavis has acquired a 70MW onshore wind park in Lithuania.
Based in the Telsiai region in north-western Lithuania, the wind farm consists of 13 new-generation Cypress 5.3MW wind turbines from GE Renewable Energy.
The project, which is already connected to the grid and approved, was developed by Lithuanian company E energija Group and GE Energy Financial Services as co-sponsors.
The electricity generated will be sold under a long-term power purchase agreement (PPA) based on a pay-as-produced structure until December 31, 2031 to state-owned energy supplier Eesti Energia AS from Estonia.
The wind farm benefits from a long-term service contract with General Electric Lithuania. E energija will act as technical and commercial operator.
The acquisition is expected to be completed by the end of this year.
The purchase will see Encavis AG expand its portfolio to more than 2.1GW of generation capacity.
“This acquisition not only serves us as an entry into the Lithuanian market, but also offers us the opportunity, together with E energija, to realise further large-scale projects in the Baltic countries in the long term,” said CIO/COO of Encavis AG Mario Schirru.