European Energy has signed an agreement with Energix to sell a 470MW wind and solar project in Lithuania.
The project, which is in the pre-ready-to-build stage, comprises a 140MW wind farm and a 330MW photovoltaic (PV) facility.
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The transaction is set for completion during 2025.
European Energy deputy CEO Jens-Peter Zink stated: “European Energy is pleased to complete this sale in Lithuania and views the collaboration with Energix as a positive development. This divestment demonstrates the confidence that market leaders have in European Energy as a renewable energy developer with a diverse and strong portfolio of renewable energy assets.”
Lithuania currently meets 50% of its power consumption through imports and is aiming for 45% of its electricity to be sourced from renewables by 2030.
The country trades electricity through the Nord Pool, claimed to be the world’s largest electricity exchange, and links Lithuania’s grid with the European network, including Poland.
European Energy executive vice-president and head of project development Thorvald Spanggaard stated: “The Baltics is one of the key markets for European Energy, and our strong team in the region has constructed around 450MW of renewable energy capacity, and we have approximately 200MW of further solar and storage capacity currently under construction. It is a remarkable achievement, considering we established our office in the country just four years ago.”
European Energy recently divested its largest US solar project, marking its second major US divestment since 2021, bringing the total capacity divested to 800MW. The first US project, Project Yellow Viking in Texas, was divested in 2023.
In June 2024, European Energy secured grid connection approvals for 500MW of solar and wind projects in Romania.
