Enefit Green and Sumitomo Corporation have signed an agreement which outlines the start of strategic partnership for developing the first offshore wind farm in the Gulf of Riga in the Baltic Sea.
Under the agreement, Enefit Green will sell 50% stake of Liivi Offshore OÜ a project company set up to develop Liivi Bay offshore wind project, to Sumimoto.
The agreement is conditional to the approval from the Estonian Consumer Protection and Technical Regulatory Authority is a precondition for closing of the transaction.
The start of this strategic partnership demonstrates a clear commitment to building the first offshore wind farm in the Gulf of Riga in the Baltic Sea, marking a significant step in advancing offshore wind energy development in the Baltic countries.
The project expects to participate in the upcoming auction to be held by the Estonian government, which will be the backbone for the project to invite international lenders and suppliers, with expected completion of the construction of the wind farm in 2032.
The Liivi Bay offshore wind farm is planned to consist of up to 84 turbines with a maximum total capacity of 1000 MW, with an annual electricity production of up to four terawatt-hours.
“Estonia is one of the attractive emerging offshore wind markets, and the Liivi Bay offshore wind farm, developed by Enefit Green, is one of the most attractive projects in the market.
“Sumimoto is delighted to enter a partnership with Enefit Green and contribute to Estonia’s green transition through the development of the Liivi Bay offshore wind farm, by making the most of our experience gained through active participation in multiple offshore wind projects in Europe and Asia,” said Hiroyuki FUJIOKA, Head of Overseas Energy Solution Unit No.2.
