Copenhagen Infrastructure Partners and Ignitis Group enter partnership in Estonia and Latvia

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 Maikšt?nas 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.”