Renewable

March 22 (Renewables Now) - Renewable energy developer Green Genius, part of Lithuania’s Modus Group, and Polish private energy company Polenergia SA (WSE:PEP) have signed a cooperation agreement to compete together in Lithuania's first offshore wind tender, according to an announcement today.

The partners will participate in the auction for the country’s first wind farm in the Baltic Sea, of 700 MW, which is scheduled for September 2023. They have entered into an investment agreement for the formation of a joint venture, which needs to be approved by competition regulators.

It was earlier announced that the companies have agreed key terms of the partnership.

They say their cooperation will combine Polenergia’s investment experience in Central Europe with Green Genius’ knowledge of local Lithuanian regulations.

In Poland, Polenergia is developing 3 GW of offshore wind projects, MFW Baltyk I, MFW Baltyk II and MFW Baltyk III, in partnership with Norwegian energy group Equinor ASA (OSE:EQNR).

“The significance of renewable energy is increasing in days, not in years anymore. To make the tangible change for energy independence in the region, as well as sustainability, we have to act faster and smarter,” commented Green Genius chief executive Ruslanas Sklepovicus.

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