Ignitis Renewables and its strategic partner, Ocean Winds, have been chosen by Lithuania’s National Energy Regulatory Council (NERC) to construct a 700 MW offshore wind farm. Ignitis and Ocean Winds’ project was approved by NERC after it had undergone a legal check for national security considerations. Furthermore, the regulatory board approved the cooperation on a temporary basis in July 2023. It will be situated 60 km from the port of Klaipėda and 37 km offshore.
Meanwhile, the typical wind speed will be 9 to 10 metres per second, and the water levels can vary from 28 to 48 metres. A total of 35–50 turbines, with a top height of 300–350 metres, will be used in the project. The characteristics of the turbine will be determined by additional research, environmental impact evaluations, and the technologies used.
Moreover, 3 TWh of clean electricity produced annually by the project will supply 25 per cent of the nation’s current electrical needs. Ignitis Renewables and Ocean Winds must establish a joint venture company in the nation within three months now that NERC approval has been obtained. Reportedly, the new company will be in charge of project management and execution. It anticipates receiving a permit for construction and operation as well as the right to utilise the marine region for power production for a period of 41 years.
In July 2023, Ignitis Renewables and its strategic partner Ocean Winds placed the highest bid in a tender for 700 MW of offshore wind granted by the Lithuanian Government. The duo offered $22.02 million as a development fee to become the provisional winners of the tender. The Lithuanian National Energy Regulatory Council organised the tender with the concept of real-time bidding, in which bidders competed for the highest development fee.
REGlobal’s Views: Ignitis plans to reach 4-5 GW of renewables capacity by 2030. This project will help the company to reach that goal quickly. Meanwhile, Ocean Winds already has an extensive pipeline of offshore wind projects globally and this project in Lithuania will help the company to expand its presence in the Baltics as well.