COBALT advised E energija on the sale of the largest wind farm in the Baltic States

COBALT advised the Lithuanian energy group E energija on the sale of its wind farm (69 MW) in Lithuania to Encavis AG, the Hamburg-based wind and solar park operator.

This is the first wind farm of such a size, built and connected to the grid in Lithuania since 2016, and in terms of the amount of energy generated, it is the largest wind farm in the Baltic States. It is also the first large wind park in Lithuania built without state subsidies and incentive tariffs. The wind farm, located in the region of north-western Lithuania, consists of 13  new-generation 5.3-megawatt wind turbines Cypress of GE Renewable Energy.

In 2020, the Lithuanian energy group E energija attracted investments from GE Energy Financial Services to develop this wind park. The German bank BayernLB provided a green loan for the construction of the project, which was guaranteed by the German export credit agency Euler Hermes.

Encavis AG is a producer of electricity from renewable energy sources and is listed in the MDAX segment of the German stock exchange. As one of the leading independent power producers, it acquires and operates solar and wind plants throughout Europe.

COBALT provided full legal support of the transaction, including the preparation and execution of the acquisition. The COBALT team on this project consisted of Partner Elijus Burgis and Senior Associate Julija Aleška.