Ignitis gains full control of Curonian Nord offshore wind farm

Ignitis Renewables, a subsidiary of the Lithuanian state-owned Ignitis Group, has secured full ownership of the Curonian Nord offshore wind farm, the first offshore wind park in the Baltic states, to be built about 50 kilometres from the Port of Klaipėda. Ignitis is buying a 49 per cent stake from Ocean Winds, a Spanish company. The agreement was approved by Lithuania’s energy regulator on 10 October.

Under the deal, Ignitis Renewables will purchase the 49 per cent share at face value and cover Ocean Winds’ direct project costs, including research work and intellectual property. This change keeps the Curonian Nord project on track, according to the press release.

Ignitis Renewables will independently lead the development, with the expertise and funding needed to complete preparatory work and secure a construction permit by 2027. The company plans to find a new partner before finalising its investment decisions. Ocean Winds is stepping away from the project to focus on other markets and will fully exit once the transaction is complete.