Copenhagen Infrastructure Partners (CIP), through its Growth Markets Fund II, and Ignitis Renewables have won the auction-based competitive tender for the development of an offshore wind farm in the Liivi 1 seabed area in Estonia, having placed the highest bid of EUR 1.16 million
COPENHAGEN, Denmark, Jan. 17, 2024 (GLOBE NEWSWIRE) -- Having previously won the Liivi 2 site in Estonia's first offshore wind tender held in December 2023, CIP, the world's largest fund manager within greenfield renewable energy investments, and international green energy company Ignitis Renewables see the adjacent site of Liivi 1 as a natural extension of the seabed area. This will allow for greater synergy and optimisation in developing the sites as a single offshore wind project.
The maritime area of both sites is in the Gulf of Riga, northwest of Ruhnu Island and near Estonia's Baltic Sea coast, covering approximately 193 square kilometres. The project, to be developed on the two sites combined, is expected to become operational post 2030, subject to obtaining the relevant permits, contracting suppliers, and securing financing.
CIP and Ignitis Renewables have signed an agreement to collaborate exclusively on offshore wind opportunities in Estonia and Latvia. The partnership leverages CIP's global offshore wind expertise and Ignitis Renewables' leading market position in the Baltic region.
Having now secured both the Liivi 1 and Liivi 2 sea areas, CIP and Ignitis Renewables have a strategic position to optimise the scale and potential of the sites, representing a key investment in Estonia's transformation into a sustainable, long-term green energy hub in Europe.
About Copenhagen Infrastructure Partners
Founded in 2012, Copenhagen Infrastructure Partners P/S (CIP) today is the world's largest dedicated fund manager within greenfield renewable energy investments and a global leader in offshore wind. The funds managed by CIP focus on investments in offshore and onshore wind, solar PV, biomass and energy-from-waste, transmission and distribution, reserve capacity, storage, advanced bioenergy, and Power-to-X.
CIP manages 12 funds and has to date raised approximately EUR 26 billion for investments in energy and associated infrastructure from more than 150 international institutional investors. CIP has approximately 500 employees and 12 offices around the world. For more information, visit www.cip.com
About Ignitis Renewables
Ignitis Renewables is an international green energy company operating in the three Baltic states and Poland. Its objective is to develop a low-carbon electricity generation portfolio with a focus on offshore wind, onshore hybrid, Power-to-X and storage technologies. By developing new projects, the company is implementing the strategic goal of Ignitis Group to enable green and flexible capacity build-out and to deliver 4-5 GW of installed green generation capacities by 2030.
For further information, please contact:
Oliver Routhe Skov, Head of Media Relations, CIP
Phone: +45 30541227
Email: orsk@cip.com
Thomas Kønig, Partner - Investor Relations, CIP
Phone: +45 7070 5151
Email: tkon@cip.com
Paulius Kalmantas, Ignitis Renewables
Communications Partner
Mobile: +370 617 51616
Email: paulius.kalmantas@ignitis.lt
