White & Case and Ellex have advised Polenergia on an investment agreement with Green Genius to develop offshore wind energy projects in Lithuania.
The execution of the agreement remains contingent on regulatory approval.
According to White & Case, "the agreement will establish a joint venture to develop wind power projects in the Baltic Sea in Lithuania's territorial waters or in the country's exclusive economic zone."
Polenergia and Green Genius "joined their forces to create a joint venture and participate in the auction for Lithuania’s first wind farm in the Baltic Sea to be held in 2023," Ellex informed. "The 700-megawatt offshore wind park will be a powerful instrument to ensure Lithuania’s energy independence."
Polenergia is a Polish privately held energy group operating in the area of energy production from renewable and gas sources, as well as in the distribution and trading of electricity.
Modus Group company Green Genius is a renewable energy company operating in eight European countries.
"This is a historic moment, as everything around us is happening in the shadow of the war on our eastern border, and our hearts remain with those who are suffering," Polenergia Management Board President Michal Michalski commented. "But now, as never before, we see the need to show the world that strengthening the economies of this part of Europe is a historical necessity. In this way, we want to emphasize the strategic importance of cross-border cooperation and prove that wind energy is no longer alternative energy, but traditional energy that will build energy independence."
The White & Case team included Partner Rafal Kaminski, Local Partners Aneta Hajska and Jakub Gubanski, and Associates Sylwia Zwolan and Maciej Gac.
The Ellex team consisted of Partner Ruta Armone, Senior Associates Aleksandr Asovskij and Edvinas Beikauskas, and Associate Augustinas Macionis.