Finnish energy investment company Taaleri Energia has acquired three wind farms in Lithuania, with a combined capacity of 186MW, via its Taaleri SolarWind II fund.

The wind projects were bought from Danish firm European Energy for an undisclosed sum.

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Taaleri Energia made the investment together with Atsinaujinančios Energetikos Investicijos, an investment company managed by Lords LB Asset Management.

Lords LB is Taaleri Energia’s joint venture partner in the Baltic region.

Taaleri Energia managing director Kai Rintala said: “We are delighted with this deal, which brings the number of investments from the Taaleri SolarWind II fund to ten and represents its entry into a new market.

“Lithuania has excellent wind resources and a clear plan to increase the share of renewable energy in its power generation mix.

“Our joint venture with Lords LB paves the way for further investments in the Baltics and we look forward to continuing to build on this partnership.”

The three wind facilities included in the deal are the Anykščiai, Rokiškis and Jonava wind farms.

Anykščiai and Rokiškis are located in Utena and Panevėžys counties respectively, while the Jonava wind farm is in the county of Kaunas.

All three wind farms are currently under construction and are expected to be fully operational next year.

They will collectively have the capacity to generate 560GWh of clean energy, enough to power around 270,000 households while displacing 170,000t of carbon emissions a year.

Atsinaujinančios Energetikos investicijos manager Tomas Milašauskas said: “We believe that our joint venture with Taaleri Energia will be a significant driver for renewable energy capacity development in the region.

“Unlocking the renewable energy potential in the Baltics will lead to tremendous value creation for both the region and for our investors.”

In June, the Taaleri SolarWind II fund and its co-investors acquired two wind farms in Finland with a combined capacity of 252MW.