Sorainen has advised Encavis on its acquisition of a 69.3-megawatt onshore wind farm in Lithuania. Cobalt reportedly advised the sellers.
The transaction remains contingent on regulatory approval.
According to Sorainen, the wind farm is already connected to the grid. "The project was developed by E Energija and GE Energy Financial Services as co-sponsors of the wind farm. Encavis thus expands its portfolio to more than 2.1 gigawatts of generation capacity."
"The wind farm, located in the Telsiai region of north-western Lithuania, consists of 13 of GE Renewable Energy’s 5.3-megawatt new-generation Cypress wind turbines," the firm informed. "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 is a Hamburg-based wind and solar park operator and is listed on the Deutsche Boerse. The company acquires and operates onshore wind farms and solar parks in 12 European countries.
"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 realize further large-scale projects in the Baltic countries in the long term," Encavis COO Mario Schirru commented.
The Sorainen team included Partners Sergej Butov, Asta Augutyte-Rapkeviciene, and Indre Sceponiene, Senior Associates Laura Matuizaite-Mikste, Svetlana Rudaja, Agne Sovaite, and Ieva Tumalaviciute, and Associates Gabriele Raizyte, Akvile Jurkaityte, Auridas Litvinas, Simonas Slitas, Sandra Aleksandraviciene, and Povilas Uzkuraitis.
Editor's Note: After this article was published, Cobalt announced it had advised E Energija on the sale. The firm's team included Partner Elijus Burgis and Senior Associate Julija Aleska.
