Encavis buys 69-MW wind farm in first Lithuanian acquisition
Cypress onshore wind platform. Image by: General Electric.
German wind and solar farm operator Encavis AG (ETR:ECV) on Monday said it has agreed to acquire a 69.3-MW wind farm in Lithuania, marking its entry into the Lithuanian market.
The wind farm, developed by E energija Group and GE Energy Financial Services as co-sponsors, is located in the region of Telsiai, northeastern Lithuania. The facility consists of 13 units of GE Renewable Energy's 5.3-MW Cypress wind turbine. It is already connected to the grid and will sell its electricity to Estonian state-owned utility Eesti Energia AS under a power purchase agreement (PPA) based on a pay-as-produced structure until end-2031.
The deal, expected to complete by the end of 2022, will increase Encavis’ portfolio to more than 2.1 GW of capacity and its geographic reach to 12 countries.
Mario Schirru, Encavis chief investment officer/chief operating officer, said that the acquisition is also an opportunity for cooperation with E energija on further large-scale projects in the Baltic countries in the long term.
E energija will be technical and commercial asset manager of the wind farm in Telsiai.