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VILNIUS - Ignitis Renewables has taken full control of the Curonian Nord offshore wind farm project after acquiring the remaining 49% stake from Ocean Winds, the company announced Friday.
Following approval from Lithuania’s National Energy Regulatory Council (NERC) on October 10, Ignitis Renewables signed a sale and purchase agreement with Ocean Winds for the acquisition at nominal price. Ignitis will also reimburse Ocean Winds for directly incurred project-related costs to secure research data and intellectual property.
The transaction is expected to close within days, according to the statement based on a press release from Ignitis Grupė. Ocean Winds is exiting the Lithuanian project to concentrate on other markets.
Ignitis Renewables, which previously held 51% of the project company UAB "Offshore wind farm 1," will now independently continue development work on the Curonian Nord offshore wind project. The company stated it possesses the necessary managerial and financial capabilities to implement preparatory work and required investments to obtain a construction permit in 2027.
The company plans to select a new partner before making the final investment decision on the project.
The change in ownership structure will not affect the implementation timeline of the Curonian Nord project, according to Ignitis. The company also noted that the transaction does not impact Ignitis Grupė’s Adjusted EBITDA and investment guidance for 2025.
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