Ignitis Renewables, a subsidiary of Lithuanian energy group AB Ignitis grupė, has completed the acquisition of the remaining 49% stake in the Curonian Nord offshore wind project, becoming the sole shareholder of UAB Offshore wind farm 1. The transaction was approved by the National Energy Regulatory Council (NERC) on October 10, following a shareholder structure change request submitted on September 30.
A symbolic acquisition for strategic consolidation
The transaction was concluded at a nominal price. In addition to the shares, Ignitis Renewables committed to reimbursing Ocean Winds, its former Spanish partner, for directly incurred project-related costs, including research data, preparatory work, and related intellectual property. The group stated that this operation will not impact its 2025 Adjusted EBITDA or investment guidance.
Ignitis Renewables will now lead the full development of the Curonian Nord project, located in Lithuania’s territorial waters of the Baltic Sea. The company will independently carry out preparatory work aiming to obtain a construction permit by 2027. The project timeline remains unchanged despite Ocean Winds’ exit.
New partnership strategy before final investment decision
Ocean Winds’ withdrawal reflects a strategic shift toward other markets. Ignitis Renewables confirmed plans to select a new partner before making the final investment decision, though no specific timeline has been disclosed.
The Curonian Nord project is among the first large-scale offshore wind developments in Lithuania. It forms part of broader regional energy diversification ambitions, with no public financial support mentioned in this transaction. Full control of the project positions Ignitis Renewables as a key player in Baltic Sea energy development.
