Enefit Green and Eesti Energia have entered into a purchase and sale agreement for a 1 GW offshore wind farm project in the Estonian part of the Gulf of Riga.
The agreement will see Enefit Green acquiring 100 per cent of Liivi Offshore OÜ, the developer of the project, from Eesti Energia for nearly EUR 6.2 million.
Enefit Green’s audit committee has reviewed this transaction and has confirmed its accordance with market conditions, the company said.
Preliminary works are currently underway to carry out the studies necessary for the assessment of environmental impacts of the project, Enefit Green said.
Also, a preliminary technical analysis of the wind farm is being carried out and a special state plan for the construction of the network connection has been initiated.
Located 10 kilometres off the island of Kihnu, the Gulf of Riga wind farm will feature between 50 and100 wind turbines installed across an area of 183 square kilometres.
The project is scheduled to enter the construction phase in 2025 and the wind farm is expected to be fully operational in 2028.
The wind farm will be inter-connected to the Latvian national grid.
The conceptual design of the wind farm is being prepared by the international engineering and consulting company, BLIX Consultancy.
Enefit Green AS is a publicly traded renewable energy company located in Tallinn. The company went public on Nasdaq Tallinn in October 2021 with 23 per cent of shares, the rest being owned by the state-owned energy company, Eesti Energia.
Eesti Energia, internationally known as Enefit, is an energy group that consists of more than 20 companies and employs about 5,300 people.
Back in April 2021, Enefit signed a Memorandum of Understanding (MoU) with Ørsted to jointly develop large-scale offshore wind opportunities in the Baltics countries, including the Liivi project.
Enefit Green is also developing the 1.1 GW Hiiu (or Loode-Eesti) offshore wind farm , located some 12 kilometres north of Estonia’s second-largest island, Hiiumaa.