Ignitis Renewables has taken full control of the Curonian Nord offshore wind farm, following approval from the National Energy Regulatory Council (NERC).

The company signed a sale and purchase agreement with OW Offshore, S.L. (Ocean Winds) to acquire the remaining 49% stake in UAB “Offshore wind farm 1”, the company developing the project. 

Upon completion of the transaction, Ignitis Renewables will own 100% of the project’s shares. The acquisition will take place at a nominal price, and Ignitis Renewables will also reimburse Ocean Winds for directly incurred project-related costs, securing all research data, project-related work, and intellectual property.

According to the company, the ownership change will not affect the project’s implementation. Ignitis Renewables will continue the development of Curonian Nord independently, having the managerial and financial capacity to carry out the necessary preparatory work and investments required to obtain a construction permit by 2027. The company also plans to select a new partner before making the final investment decision.

Located in the Baltic Sea, the Curonian Nord offshore wind farm is a landmark project for Lithuania and the first offshore wind farm in the Baltic States. With an estimated capacity of 700 megawatts (MW), it is expected to generate around 3 terawatt-hours (TWh) of green electricity annually — enough to cover one quarter of Lithuania’s current electricity demand.

The project represents a major step toward Lithuania’s energy independence, significantly boosting domestic renewable electricity generation and reducing the country’s reliance on electricity imports. Once operational, expected around 2030, it will become the largest energy project in Lithuania and a cornerstone of the nation’s clean energy transition.

Ocean Winds, which previously held a 49% share in the project, will exit Curonian Nord upon completion of the transaction, as the company focuses its offshore wind activities in other markets.