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Polenergia and Green Genius join forces...

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Polenergia and Green Genius join forces for offshore development in Lithuania

Polenergia together with Modus Energy AB will develop wind power projects in the Baltic Sea in the region of the Lithuanian territorial sea or the exclusive economic zone of the Republic of Lithuania. The investment agreement assumes establishment of a special purpose vehicle, jointly controlled by Green Genius, which will act as Polenergia's local partner in the Lithuanian market.

The execution of the investment agreement is subject to the approval of the relevant competition authority and the conclusion of a shareholders agreement between Polenergia and Green Genius under which a joint venture will be established to develop the Baltic project in Lithuania.

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. 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 an alternative energy, but a traditional energy that will build energy independence.

Michał Michalski, Ph.D.

President of the Management Board of Polenergia

The significance of renewable energy is increasing in days, not in years anymore. To make the tangible change for energy independence in the region, as well as sustainability, we have to act faster and smarter. Therefore, I'm more than excited to go for this partnership, which may offer efficiency and advantage to the whole electricity market in the Baltic Sea region

Ruslanas Sklepowicz

CEO of Green Genius

Combining the strengths of Polenergia, which has a very good understanding of investment conditions in Central Europe, with Green Genius, which has knowledge of local regulations, key stakeholders and experience in the development of energy projects in Lithuania, will allow to develop an optimal entry strategy and organization of the joint venture to develop competitive technical and business assumptions for the offshore project in Lithuania. The cooperation also envisages analyses of Lithuanian regulations development aimed at adoption of legal framework for development and construction of offshore wind farms and undertaking further actions, based on a schedule agreed by the parties and on the basis of agreed investment criteria.

We realize that all offshore wind farm projects are complex and attract the interest of many competitors. However, we believe that together with Green Genius, using the combined potential of both capital groups, we are able to build a business model that will ensure our success in the Lithuanian market

Michał Michalski, Ph.D.

President of the Management Board of Polenergia

By publishing the five-year development strategy in May 2020, Polenergia has clearly indicated its readiness to shape the future of the energy market not only in Poland, but also in the entire Central European region. Acquisition of a very strong shareholder in the form of BIF IV Europe Holdings Limited and experience gained during the development of offshore wind farm projects in Poland allowed us to start activities aimed at geographic diversification of Polenergia’s business and fulfill our aspirations to lead the energy transformation processes in the entire region. The chances of success of such an ambitious project require combining our own experience with deep knowledge of local markets. Thanks to the cooperation with Modus Group, which has one of the most efficient and experienced teams, the first foreign plans of Polenergia in the area of renewable generation concern investments in offshore wind energy in the Baltic countries. Everything indicates that the first offshore project to be developed in Lithuania by 2030 will have the capacity of about 700 MW.

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