Estonian Company Looking to Bid in Offshore Wind Auctions in the Baltics

Estonia-headquartered developer of wind and solar energy projects in the Baltic States and Poland, Sunly, plans to develop multiple projects in the Baltic Sea and participate in offshore wind auctions in the region.

The company, which applied for a permit for the construction of four offshore wind farms in Estonia in 2020, has now signed a framework agreement with K2 Management which will advise Sunly on the development of a pipeline of offshore wind projects in the Baltic Sea.

Under the agreement, K2 Management will undertake pre-development studies and research for Sunly’s offshore wind projects and will advise the company strategically and tactically in the Baltic Sea, including in the coming auctions.

“We believe that now is the time to deliver big-scale renewable energy projects that both improves energy security and contributes to the green transition. That is why Sunly’s experienced team is developing offshore wind parks in the Baltic region, and we are happy that K2 Management will be part of this journey”, said Priit Lepasepp, Co-Founder and CEO at Sunly.

On the offshore wind opportunities in the Baltics, K2 Management referred to data from WindEurope, according to which the Baltic Sea could host 93 GW of offshore wind by 2050. Denmark, Finland, Germany and Sweden have made some inroads, K2 Management said, but a significant opportunity lies ahead for the Baltic States to enter the offshore market. 

“The Baltic States are in an excellent position to deploy offshore wind farms in the Baltic Sea, but the countries have yet to tap into this significant offshore wind potential. This is about to change, and K2 Management is proud to provide its technical expertise, while leveraging its global offshore wind experience to make that happen”, said Lars K Hammershøj, the Co-founder & Owner of K2 Management. 

According to information on Sunly’s website, the Sunly Group was established by former employees and investors of Nelja Energia with the aim of investing in renewable energy and green technology in the Baltics and the surrounding area. 

Nelja Energia is the company that proposed to build an up to 1.1 GW offshore wind farm in Estonian Baltic Sea waters in 2014 and signed a cooperation agreement on the project with the Hiiu municipality on the Hiiumaa Island in 2017. The following year, the company was acquired by Enefit, which last year entered into an agreement with Ørsted to establish a joint venture for the development of offshore wind in the Baltics, including the Liivi project in the Estonian part of the Gulf of Riga.

As for Sunly’s offshore wind projects in Estonia, the company’s website shows ten projects planned, totalling 1,644 MW in installed capacity. All projects are designated as “SW” with an accompanying number, with SW1, SW2, SW3, and SW4 being the offshore wind farms for which the permit applications were submitted in 2020.

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