European Energy divests largest wind farm portfolio in its history to date

European Energy has signed an agreement for the sale of three wind farms in Lithuania with the total capacity of 185.5 MW to a Lithuanian entity. The wind farms are in the municipalities of Anyksciai, Jonava and Rokiskis. The wind farms are under construction and consist of a total of 34 units GE 158-5.5 MW HH 151m turbines.

Closing of the agreement is expected to take place at the end of November 2021.

"Even though we have only recently entered the Lithuanian market, this divestment of such a large wind portfolio to a European renewables fund manager, shows that we are in the forefront of developing and constructing state-of-the-art wind and solar farms," says Knud Erik Andersen, CEO of European Energy. "Despite that we have divested a large wind portfolio, we are still making more investments in Lithuania and expanding our activities in the country as well as the surrounding Baltic countries."

European Energy has been in Lithuania since 2018 and will be constructing more than 300 MW of wind power capacity in Lithuania in 2022. This is more than half of the total wind power capacity that Lithuania had in 2020. European Energy has an additional 600 MW in the development pipeline.

The divestment will contribute positively to European Energy’s financial position. The outlook for European Energy will remain the same as previously announced with EUR 80 mil. EBITDA and EUR 50 mil. profit before tax.

European Energy is currently constructing more than 1.2 GW of energy capacity in 26 wind and solar projects across eight European countries.

European Energy was advised by DNB Markets in this agreement acting as financial and PPA advisor.