Ignitis Renewables Takes Control of Curonian Nord Offshore Wind Farm
AB “Ignitis grup?” has made a significant move in the renewable energy sector by enabling UAB “Ignitis Renewables” to take full control of the Curonian Nord offshore wind farm project. This acquisition involves the purchase of 49% shares in UAB “Offshore wind farm 1,” a strategic step that aligns with Ignitis’ vision for sustainable energy development.
Details of the Acquisition Agreement
Insights into the Transaction
With the approval from the National Energy Regulatory Council, the acquisition agreement has been signed with OW Offshore, S.L. This deal allows Ignitis Renewables to solidify its position in the project while also securing essential project-related work and intellectual property. The expected closing of the transaction is anticipated shortly, which will see Ignitis Renewables paying a nominal price for the shares.
Transitioning Control Smoothly
The transition of control to Ignitis Renewables is designed to be seamless and will not impact the ongoing development of the Curonian Nord project. Ignitis Renewables is poised with the necessary managerial skills and financial capabilities to carry out the preparatory work and make critical investments aimed at obtaining a construction permit projected for completion in 2027.
Future Endeavors and Partnerships
Continued Commitment to Development
Despite the change in shareholder structure, Ignitis Renewables is determined to continue advancing the Curonian Nord project independently. There is an ongoing strategy to seek a new partnership before finalizing investment decisions for the project's next phases.
Shifting Focus of Ocean Winds
Ocean Winds, the previous stakeholder in the project, is refocusing its efforts on other markets. They will exit from the Curonian Nord project post-transaction completion, signaling a clear direction towards new opportunities while ensuring a smooth transition of responsibilities.
Financial Implications for the Company
Impact on Adjusted EBITDA
This announcement seamlessly integrates into Ignitis' broader financial strategy. Importantly, it has been confirmed that the transaction will not adversely impact the Group’s Adjusted EBITDA and Investment guidance set for future planning.
Contacting Ignitis for Further Information
To learn more about this acquisition or any other inquiries, interested parties can reach out to the communications team. Valdas Lopeta can be contacted at +370 621 77993 or via email at valdas.lopeta@ignitis.lt. For investor-related questions, Ain? Riffel-Grinkevi?ien? is available at +370 643 14925 or aine.riffel-grinkeviciene@ignitis.lt.
Frequently Asked Questions
What is the significance of Ignitis Renewables acquiring the shares?
This acquisition strengthens Ignitis Renewables' control over the Curonian Nord project, promoting its commitment to sustainable energy initiatives.
How will this affect the development of the Curonian Nord project?
The project will continue as planned, with Ignitis Renewables managing it independently, ensuring that timelines and goals are maintained.
What is the expected timeline for the construction permit?
The goal is to obtain the necessary construction permit by 2027, showcasing a forward-thinking approach to project management.
Why did Ocean Winds exit the project?
Ocean Winds is shifting its focus to explore opportunities in other markets, indicating a change in strategic priorities.
Who can be contacted for more details about the acquisition?
For further information, contact Valdas Lopeta for communications and Ain? Riffel-Grinkevi?ien? for investor relations at Ignitis Renewables.
