Green Genius and Polenergia Join Forces for the First Offshore Competition in Lithuania

Source: 3/22/2022, Location: Not categorized

Renewable energy company Green Genius, which develops solar, biogas, wind, and green hydrogen energy projects in 8 European countries, has signed a cooperation agreement with Poland’s largest private energy company, Polenergia. Together, they will seek to win a tender by the Lithuanian state for a wind farm in the Baltic Sea.

It will be the first offshore wind farm in Lithuania in the Baltic Sea. The investment agreement between “Green Genius” and “Polenergia” (under which a joint venture will be established to develop the Baltic project in Lithuania) is subject to the approval of the relevant competition authority.

“The significance of renewable energy is increasing in days, not in years anymore. To make the tangible change for energy independence in the region, as well as sustainability, we have to act faster and smarter. Therefore, I’m more than excited to go for this partnership, which may offer efficiency and advantage to the whole electricity market in the Baltic Sea region,” – Ruslanas Sklepovicius, CEO of “Green Genius”, says.

“We see the need to show the world that strengthening the economies of this part of Europe is a historical necessity. In this way, we want to emphasize the strategic importance of cross-border cooperation and prove that wind energy is no longer an alternative energy, but traditional energy that will build energy independence,” – says Michal Michalski, Ph.D., President of the Management Board of Polenergia.

“Polenergia” has solid investment experience in Central Europe. Meanwhile, “Green Genius” is well acquainted with local Lithuanian regulations. The joint forces will create an optimal strategy and competitive technical and business preconditions for an offshore wind farm project.

The first offshore wind power project in Lithuania is expected to start operating in 2030 and will have a capacity of 700 MW. The competition for the implementation of this project is planned for September 2023.

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