COBALT advised European Energy on the largest transaction in the Baltic renewable energy sector to date

COBALT advised European Energy on the divestment of wind farms portfolio in Lithuania with a total capacity of 186 MW. The wind farms located in the municipalities of Anykščiai, Jonava and Rokiškis have been divested to the Lithuanian Atsinaujinančios Energetikos Investicijos managed by a leading investment management firm in the Baltics Lords LB Asset Management, together with the Finnish “Taaleri SolarWind II” managed by the fund Taaleri Energia. This is the largest transaction in the renewable energy sector in the Baltics to date.

The first turbines will start to operate in December and the wind farms will become fully operational by the end of 2022. With a total of 34 General Electric 5.5 MW turbines, the wind farms will have a combined installed capacity of 186 MW and the combined annual production of electricity will be approximately 560 GWh. Together, the wind farms will produce enough electricity to supply around 270 000 households and offset the equivalent of 170 000 tonnes of carbon dioxide during each year of operation.

“We are excited to complete this investment in three onshore wind projects in Lithuania, which is an interesting new market for us with significant demand for renewable energy sources and also well-connected to the NordPool Nordic power market. We are delighted to partner with Lords LB and extend our partnership with Taaleri Energia. We are pleased to see the Danish developer European Energy continuing to play an important role in the projects”, said Kasper Hansen, Managing Partner of AIP.

European Energy is a global renewable energy company with operations in 17 countries, including Denmark, Germany, Sweden, Finland, Italy, Brazil and Mexico. The company has more than 250 employees and its revenue amounted to EUR 206.9 million in 2020.

COBALT acted as a local legal advisor and advised the client on all matters related to the transaction. COBALT team consisted of Partner Paulius Markovas, Associate Partner Vydmantas Grigoravičius, Senior Associate Julija Aleška, and Associate Ignas Jurkynas.