Ignitis Group Updates on Progress of Offshore Wind Project
Ignitis Group Provides Insight on Offshore Wind Development
AB “Ignitis grup?” (the Group) is engaging in public discussions to elucidate the ongoing developments concerning Lithuania’s inaugural offshore wind project, Curonian Nord. The project's advancement is crucial for protecting the investment climate and ensuring collaboration with project partners.
Current Status of the Offshore Wind Project
The development of the Curonian Nord project is progressing steadily. To date, the Group has committed approximately EUR 50 million. This substantial investment includes EUR 20 million dedicated to project fees, alongside EUR 30 million set aside for environmental impact assessments, wind speed evaluations, meteorological studies, and seabed surveys.
Investment and Future Considerations
A significant portion of these funds is flexible and can be utilized for future needs without any time constraints. The final investment decision for the project is anticipated following the completion of development phases and the acquisition of necessary construction permits, targeted for 2027.
Challenges Ahead and Operational Delays
However, operational timelines may reflect delays, particularly regarding the Commercial Operation Date (COD). The Group recognizes that these adjustments may hinge upon the visibility of electrolysis demand and the interconnector with Germany, which is vital for securing long-term power off-take agreements, and subsequently, financing.
Commitment to Transparency
In the spirit of transparency, the Group commits to announcing any material changes that may affect the project's trajectory. Stakeholders and interested parties are encouraged to remain vigilant for updates.
Contact Information
For further information, the Group has provided a contact for inquiries:
Communications
Marius Zelenius
+370 613 03633
marius.zelenius@ignitis.lt
Frequently Asked Questions
What is the current status of the Curonian Nord project?
The project is actively under development, with significant investment already made by the Group.
How much money has been invested in the Curonian Nord project so far?
The Group has invested approximately EUR 50 million to date, covering various phases of project development.
When is the expected completion date for the project?
The final investment decision is anticipated after obtaining the construction permit, targeted for 2027.
What challenges might delay the project?
Delays may be influenced by the clarity on electrolysis demand and the interconnection with Germany, impacting long-term financing.
How can I get more information regarding the project?
Inquiries can be directed to Marius Zelenius via email or phone for detailed information regarding the project's progress.
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