CIP, Ignitis partner on offshore wind in Estonia, Latvia

Copenhagen Infrastructure Partners (CIP), through its New Markets Fund, and Ignitis Renewables, a subsidiary of Lithuanian energy company Ignitis Group (VSE:IGN1L), have agreed to partner exclusively on offshore wind opportunities in Estonia and Latvia, the two companies announced on Tuesday.

The pair committed to aid the development of an offshore wind industry in the two countries.

Ignitis Group said the partners intend to jointly bid in the upcoming offshore wind tenders in Estonia and Latvia.

“A strategic partnership with CIP, the world’s largest dedicated fund manager within greenfield renewable energy investments and a global leader in offshore wind will allow us to be on strong footing as we develop offshore projects in Estonia and Latvia,” said Ignitis Group chief executive Darius Maikstenas.

Ole Kjems Sorensen, partner in CIP and head of the New Markets Fund, said that “CIP aims to explore opportunities that tap into Estonia’s and Latvia’s substantial growth potential across renewable technologies including Power-to-X.” According to him, offshore wind holds significant potential to help the two countries achieve their targets and make the Baltic region a self-sustained green energy hub.

Earlier this year, Danish renewables developer European Energy A/S and the Norwegian joint venture of Eni’s Plenitude and HitecVision teamed up to target offshore wind opportunities in the Baltic Sea within Lithuania, Estonia and Latvia.

Last month, Ignitis Renewables and its partner Ocean Winds emerged as the provisional winner of the tender for a 700-MW Lithuanian offshore wind project.

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