Ignitis Renewables Secures Majority in Curonian Nord Project Control
Ignitis Renewables Takes Charge of the Curonian Nord Project
AB “Ignitis grup?” is excited to announce a significant development in its renewable energy endeavors. Recently, the approval from the National Energy Regulatory Council marked a pivotal moment for UAB “Ignitis renewables.” The company is set to take full control of the Curonian Nord offshore wind farm by acquiring a 49% stake from its current partner, OW Offshore, S.L., also known as Ocean Winds.
A Key Acquisition for Renewable Energy Development
This strategic acquisition, facilitated by a sale and purchase agreement, allows Ignitis Renewables to enhance its foothold in offshore wind projects. The transaction aims to be finalized soon, further solidifying Ignitis’s role in renewable energy. The nominal price set for the shares reflects an investment in the future of energy production, positioning Ignitis Renewables uniquely within a growing market.
Maintaining Project Momentum
In light of this acquisition, it is noteworthy that the project will proceed smoothly despite the change in stakeholder structure. Ignitis Renewables is well-equipped and prepared to manage all aspects of the Curonian Nord project. They are committed to executing the necessary preparations, including gathering research data and intellectual assets, which are essential for successfully moving forward and obtaining construction permits.
Future Partnerships on the Horizon
As part of their strategy, Ignitis Renewables plans to seek a new partner before making final investment decisions. This proactive approach demonstrates their commitment to ensuring the project’s long-term viability and success. Their managerial expertise and financial resources position Ignitis to lead in operations, which are crucial as they aim to meet construction targets by 2027.
Ocean Winds’ Transition
As Ignitis Renewables aims for expansion, Ocean Winds is focusing on other market opportunities and will maintain an exit strategy from the Curonian Nord project once the transaction is finalized. This change will not result in any additional formal announcements, but it signifies a shift in focus for both companies as they navigate the evolving landscape of renewable energy.
Impact on Financial Guidance
The recent changes regarding the Curonian Nord project are not expected to impact Ignitis group's Adjusted EBITDA and investments guidance for the upcoming years. This stability reassures stakeholders that operational integrity remains a priority.
Contact Information for Inquiries
For those wishing to seek more information regarding this exciting development with Ignitis Renewables, please reach out.
Communications
Valdas Lopeta
+370 621 77993
valdas.lopeta@ignitis.lt
Investor Relations
Ain? Riffel-Grinkevi?ien?
+370 643 14925
aine.riffel-grinkeviciene@ignitis.lt
Frequently Asked Questions
What is the recent development regarding Ignitis Renewables?
Ignitis Renewables has acquired a 49% stake in the Curonian Nord offshore wind project, allowing them to take full control of the initiative.
Who were the previous stakeholders in the Curonian Nord project?
Ocean Winds held the 49% share prior to Ignitis Renewables' acquisition and will focus on other markets after the sale.
What are the future plans for the Curonian Nord project?
Ignitis Renewables plans to independently oversee the project and seek a new partner ahead of their final investment decisions.
When is construction expected to begin for the project?
The aim is to obtain a construction permit by 2027, with preparations already underway.
How will this acquisition affect Ignitis's financial outlook?
The changes are not anticipated to have an impact on the group's Adjusted EBITDA or investment guidance.
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