European Energy, a renewable energy project developer, announced that it has entered into an agreement with Energix Group to sell 470 MW of solar and wind capacity in Lithuania.
The capacity consists of a wind project with an estimated capacity of approximately 140 MW and a solar project of up to 330 MW. The project is in the pre-ready-to-build stage of development.
European Energy will develop the projects and expects to reach the ready-to-build stage within a few months. The transaction is expected to be completed later this year.
“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,” says Thorvald Spanggaard, EVP and Head of Project Development at European Energy.
Lithuania is targeting around 45% of electricity generation from renewable energy sources by 2030 based on its energy independence strategy. Approximately 50% of the country’s current electricity consumption is met through imports.
Last week, European Energy secured €68 million (~$72.79 million) in financing to develop a 148 MWp solar project in the Ventspils municipality of Latvia. The construction of the solar project will start in 2025 and is expected to reach commercial operation in the first half of 2026.
According to Mercom’s Annual and Q4 2024 Solar Funding and M&A report, 217 large-scale solar project acquisitions totaling 37.7 GW were transacted in 2024, compared to 231 transactions totaling 45.4 GW in 2023.
In February, the L&G NTR Clean Power (Europe) Fund, a joint partnership between L&G’s asset management division, a global investor, and NTR, an Ireland-based renewable energy investor, announced the acquisition of Project Monvallet, a ready-to-build solar and battery energy storage portfolio, with a combined capacity of 211 MW.
