European Energy Finalizes Sale of Two Renewable Projects In Lithuania

European Energy has signed an agreement to sell a large-scale wind and solar energy project in Lithuania to Energix – Renewable Energies Ltd. The project has a total capacity of up to 470 MW, consisting of a 140 MW wind farm and a 330 MW solar photovoltaic facility. Currently in the pre-Ready-to-Build (pre-RTB) phase, European Energy will continue to develop the project, ensuring it reaches the Ready-to-Build stage in the coming months. Once fully prepared, Energix will take over for the next stages of investment and construction.

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. We look forward to seeing these projects progress under their new ownership and are keen to work together with Energix to advance the projects and expand renewable energy capacity in Lithuania.”

“The Baltics is one of the key markets for European Energy, and our strong team in the region has constructed around 450 MW of renewable energy capacity, and we have approximately 200 MW 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,” said Thorvald Spanggaard, EVP and Head of Project Development at European Energy.

Lithuania is making significant strides in expanding its renewable energy sector as part of its goal to achieve greater energy independence. By 2030, the country aims to generate approximately 45% of its electricity from renewable sources. At present, about 50% of Lithuania’s electricity needs are met through imports. Electricity trading occurs via Nord Pool, the world’s largest electricity exchange, and Lithuania’s power grid is integrated with the European network, including Poland. The transaction between European Energy and Energix is expected to be finalized later in 2025.