Ignitis Renewables and Copenhagen Infrastructure Partners (CIP), through its New Markets Fund I, have signed an agreement to collaborate on offshore wind opportunities in Estonia and Latvia and intend to jointly bid in the upcoming offshore wind tenders in these countries.
Estonia plans to hold auctions for multiple offshore wind sites in the last quarter of 2023. In addition, an auction for the developer of a joint Estonian-Latvian state-run cross-border offshore wind project, called ELWIND , is scheduled for 2026.
The project is expected to enter the construction phase in 2028 and be commissioned by 2030 at the earliest.
The governments of Latvia and Estonia already selected the locations in their respective parts of the Baltic Sea where their joint project will be built.
CIP and Ignitis Group will support efforts to develop an offshore wind industry in Estonia and Latvia, focusing on the establishment of a local knowledge hub and workforce to boost employment opportunities in this growing sector, according to the press release.
“Alongside our local partner Ignitis Group, one of the largest renewable energy generators in the Baltic region, CIP aims to explore opportunities that tap into Estonia’s and Latvia’s substantial growth potential across renewable technologies including Power-to-X”, said Ole Kjems Sørensen , Partner in CIP and Head of the New Markets Fund.
“CIP believes offshore wind has the potential to play a critical role in both nations achieving their targets and transforming the Baltic region into a long-term, self-sustained green energy hub.”
The construction of the wind park in both areas of Latvia and Estonia will provide an electricity capacity of at least 1,000 MW, which could boost the energy independence of Latvia and the Baltic region.
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In May, renewable energy developer European Energy and Vårgrønn formed a long-term strategic partnership to jointly pursue offshore wind opportunities in the Baltic Sea within Lithuania, Estonia, and Latvia.
According to the two companies, the Baltic states have significant offshore wind potential, with a total of 15.4 GW of estimated possible capacity across Lithuania, Estonia, and Latvia.