Ignitis Group's subsidiary, Ignitis Renewables and Copenhagen Infrastructure Partners (CIP), through its New Markets Fund, have signed an agreement to collaborate exclusively on offshore wind opportunities in Estonia and Latvia. The partnership leverages Ignitis Group's leading market position in the Baltic region and CIP's global offshore wind expertise.
COPENHAGEN, Denmark and VILNIUS, Lithuania, Aug. 01, 2023 (GLOBE NEWSWIRE) -- 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 their 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. CIP and Ignitis Group 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 long-term footprint and sustainable investment environment.
Partner in CIP and Head of the New Markets Fund, Ole Kjems Sørensen states: "With today's announcement, we are taking an important step in contributing to a sustainable and secure energy future for the Baltic region through our New Markets Fund. 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 including Power-to-X. CIP believes 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.
CEO of Ignitis Group, Darius Maikštenas says: "We see the Baltic States as leaders of renewable energy in the future and Ignitis Group is set to lead this regional transition. A strategic partnership with CIP, the world's largest dedicated fund manager within greenfield renewable energy investments and a global leader in offshore wind will allow us to be on strong footing as we develop offshore projects in Estonia and Latvia.
In the updated long-term corporate strategy, which was presented in May this year, we describe the energy sector as an ecosystem and our commitment to maximize sustainable value. Thus, we are updating our purpose, which is creating a 100 percent green and secure energy ecosystem for current and future generations. Our strategy focuses on delivering 4-5 GW of installed green and flexible capacities by 2030."
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 11 funds and has to date raised approximately EUR 25 billion for investments in energy and associated infrastructure from more than 140 international institutional investors. CIP has approximately 400 employees and 11 offices around the world. For more information, visit www.cip.com.
About Ignitis Group
Renewables-focused integrated utility Ignitis Group is one of the largest energy groups in the Baltic region. By developing a low-carbon generation portfolio with the focus on offshore wind, onshore hybrid, Power-to-X and storage technologies while leveraging an integrated business model, Ignitis Group is enabling the green and flexible capacity build-out and is planning to deliver 4-5 GW of installed capacities by 2030.
Ignitis Group is strengthening the contribution to Europe's decarbonization and energy security in our region and targeting to reach net zero emissions by 2040-2050. The Group's purpose is to create a 100% green and secure energy ecosystem for current and future generations. For more information, visit www.ignitisgroup.com.
