We assisted Encavis AG, the Hamburg-based wind and solar park operator, in acquiring an onshore wind farm in Lithuania, which is already connected to the grid and has a nominal output of 69.3 megawatts.
Encavis AG is expanding its portfolio to more than 2.1 gigawatts of generation capacity
The project was developed by E energija and GE Energy Financial Services as co-sponsors of the wind farm. The closing of the acquisition is expected by the end of this year. Encavis AG thus expands its portfolio to more than 2.1 gigawatts of generation capacity.
“This acquisition not only serves as an entry for us into the Lithuanian market but also offers us the opportunity, together with E energija, to realise further large-scale projects in the Baltic countries in the long term,” says Mario Schirru, COO of Encavis AG.
The wind farm, located in the Telšiai region of north-western Lithuania, consists of 13 of GE Renewable Energy’s 5.3-megawatt new-generation Cypress wind turbines. The generated electricity will be sold under a long-term power purchase agreement until December 31, 2031 to the Estonian state-owned utility Eesti Energia. The wind farm benefits from a long-term service agreement with General Electric Lithuania. E energija will act as technical and commercial asset manager.
Encavis AG is a producer of electricity from renewable energy, and is listed on the MDAX of Deutsche Börse. As one of the leading independent power producers, Encavis acquires and operates (onshore) wind farms and solar parks in 12 European countries.
Our services and project team
Our team, consisting of partners Sergej Butov and Asta Augutytė-Rapkevičienė, senior associates Laura Matuizaitė-Mikštė, Svetlana Rudaja and Agnė Sovaitė, associate Gabrielė Raižytė, Akvilė Jurkaitytė, Auridas Litvinas, Simonas Šlitas and Sandra Aleksandravičienė. We advised client on all issues related to the acquisition, including the assistance in the due diligence of the project, preparation of transaction documents, negotiations and other actions related to the closing of the acquisition.
Our partner Indrė Ščeponienė, senior associate Ieva Tumalavičiūtė and associate Povilas Užkuraitis advised the client on tax due dilligence.
