EQS-News ENCAVIS AG acquires a wind farm (69 MW) in Lithuania for the first time

ENCAVIS acquires a wind farm (69 MW) in Lithuania for the first time

Hamburg, 28^th November, 2022 – The Hamburg-based wind and solar park operator Encavis AG, which is listed on the MDAX of Deutsche Börse AG (Prime Standard; ISIN: DE0006095003; stock exchange symbol: ECV), has agreed to acquire an onshore wind farm in Lithuania that is already connected to the grid and has a nominal output of 69,3 megawatts (MW). The project was developed by E energija Group and GE Energy Financial Services as co-sponsors of the wind farm. The closing of the acquisition is expected by the end of this year. Encavis AG is thus expanding its portfolio to more than 2.1 gigawatts of generation capacity.

"This acquisition not only serves us as an entry into the Lithuanian market, but also offers us the opportunity, together with E energija, to realise further large-scale projects in the Baltic countries in the long term", welcomes Mario Schirru, Chief Investment Officer/Chief Operating Officer (CIO/COO) of Encavis AG, the expansion of the country portfolio to a total of 12 countries.

The wind farm, located in the Telšiai region of North-Western Lithuania, consists of 13 GE Renewable Energy's 5.3 megawatts (MW) new generation Cypress wind turbines. The generated electricity will be sold under a long-term power purchase agreement (PPA) based on a pay-as-produced structure until December 31, 2031, to the state-owned utility Eesti Energia AS from Estonia, that has an investment grade rating. The wind farm benefits from a long-term service agreement with General Electric Lithuania. E energija will act as technical and commercial asset manager.