Vårgrønn and European Energy join forces for offshore wind projects in the Baltic Sea
European Energy and Vårgrønn join forces to exploit the potential of offshore wind energy in the Baltic States. This strategic partnership aims to develop sustainable projects, create local jobs and strengthen energy security in the region.
| Sectors | Wind Energy, Offshore |
|---|---|
| Themes | Investments & Transactions, Commercial Partnerships |
| Companies | European Energy |
| Countries | Estonia, Lithuania, Latvia |
European Energy, a renewable energy developer, and Vårgrønn, an offshore wind company, announce a long-term strategic partnership to jointly exploit offshore wind energy opportunities in the Baltic Sea, Lithuania, Estonia and Latvia.
Huge potential
The Baltic States have significant potential for offshore wind energy, with an estimated total capacity of 15.4 GW across Lithuania, Estonia and Latvia. Authorities in all three countries are now opening up several areas for development through upcoming tenders, with Lithuania launching two tenders in the spring and fall of 2023, followed by Estonia with a seven GW pipeline to be launched in late 2023.
The companies will collaborate jointly on the entire offshore wind energy life cycle, from design and financing to construction and operation. European Energy has a presence in all three Baltic States with offices and a pipeline of onshore renewable energy projects, and the company has developed and built several wind farms in Lithuania. Together, the two companies will work closely with local stakeholders to create offshore wind projects that meet the countries’ energy security and decarbonization ambitions, while creating local jobs and preserving nature and the interests of other sea users.
