European Energy, Centrica ink balancing deals for Lithuanian renewables

Danish renewables developer European Energy A/S and Centrica Energy, the trading and optimisation arm of UK energy company Centrica plc (LON:CNA), have signed three balancing agreements for renewable electricity in Lithuania, the two said on Thursday.

Under the deals, starting this month, Centrica Energy will manage and trade the generation of two wind farms and one solar farm, with a combined capacity of 198 MW, on behalf of European Energy.

The agreements cover the Telsiai I and Telsiai II wind farms, totalling 120 MW, and the 78-MW Anyksciai solar farm. Combined, the three sites generate more than 498 GWh of electricity a year.

Jens-Peter Zink, deputy CEO of European Energy, said the partnership is a sign that the Baltic electricity market is maturing, with a growing need for more power purchase agreements (PPAs).

According to the announcement, European Energy has installed more than 383 MW of renewables in Lithuania and currently has over 1.6 GW of projects in its pipeline in the country.

Including these contracts, Centrica now has a portfolio of wind and solar assets under management in the Baltic states of 366 MW.

“We have set an incredibly ambitious target to expand our portfolio of third-party renewable assets to 30 GW by 2030. To responsibly achieve this goal, we need to maintain a diversified portfolio - not just in terms of renewable technology types, but also in geographic distribution,” commented Kristian Gjerlov-Juel, vice president of renewable energy trading and optimisation at Centrica Energy.

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