European Energy to sell three Lithuanian wind farms

Danish developer plans to continue investing in Lithuanian wind, following the sale of a 186MW pipeline

European Energy is due to sell three Lithuanian wind farms featuring GE's Cypress turbines

Danish developer European Energy has agreed to sell a 186MW portfolio of under-construction Lithuanian wind farms to a European renewables fund manager.  

The 71MW Jonava I & II projects are due to come online this year, while the {{Rokiškis-bc42d988-d6ea-a401-76a2-3ad9af5289f5}} wind farm will become operational in 2022. Together, they will comprise 34 of GE's 158-5.5MW turbines.

A European Energy spokesperson told Windpower Monthly that neither the buyer nor the value of the transaction could be disclosed. 

The developer aims to build more than 300MW of onshore wind capacity in Lithuania next year. It has a further 600MW in its development pipeline there.

Its CEO, Knud Erik Andersen, said: “Even though we have divested a large wind portfolio, we are still making more investments in Lithuania and expanding our activities in the country as well as the surrounding Baltic countries."

It stated the divestment will contribute positively to its financial position. The developer has maintained its outlook for 2021 of €80 million of Ebitda and a €50 million pre-tax profit.