European Energy Sells Three Lithuanian Projects

European Energy has divested three wind farms in Lithuania - its largest disposal to date.

The three wind farms, with a total capacity of 185.5MW, have been sold to an unnamed Lithuanian entity.

The wind farms are in the municipalities of Anykščiai, Jonava and Rokiškis.

The wind farms are under construction and consist of a total of 34 units GE 158-5.5 MW HH 151-metre turbines.

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

European Energy chief executive Knud Erik Andersen said: "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.

"Even though 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 300MW of wind power capacity in Lithuania in 2022.

This is more than half of the total wind power capacity that Lithuania had in 2020, the company said.

European Energy has an additional 600MW 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 €80m EBITDA and €50m profit before tax.

European Energy is currently constructing more than 1.2GW 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.