Ignitis Group subsidiary Ignitis Renewables and Copenhagen Infrastructure Partners (CIP), through its New Markets Fund, have agreed to collaborate exclusively on offshore wind opportunities in Estonia and Latvia. The partnership leverages Ignitis Group’s market position in the Baltic region and CIP’s global offshore wind expertise.
Estonia’s adoption of a legal framework for offshore wind site allocation has paved the way for the utilization of extensive offshore wind potential. Meanwhile, Latvia continues to advance the development of legislation to realize its vast offshore wind potential.
CIP and Ignitis Group, together with their affiliates, aim to become an active and long-term partner for the energy transition in the Baltic region, supporting Estonia and Latvia’s decarbonization targets and energy security ambitions through the deployment of offshore wind.
The partnership will support efforts to develop an offshore wind industry in Estonia and Latvia, focusing on the establishment of a local knowledge hub and workforce to boost employment opportunities in this growing sector. Maximizing local economic benefits is key to establishing a lasting footprint and sustainable investment environment.
“Alongside our local partner Ignitis Group, one of the largest renewable energy generators in the Baltic region, CIP aims to explore opportunities that tap into Estonia’s and Latvia’s substantial growth potential across renewable technologies,” says Ole Kjems Sorensen, CIP partner and head of the New Markets Fund. “Offshore wind has the potential to play a critical role in both nations achieving their targets and transforming the Baltic region into a long-term, self-sustained green energy hub.