Enefit Green partners with Sumitomo Corporation to develop Gulf of Riga offshore wind farm

Ellex in Estonia advised Enefit Green on its strategic partnership with Sumitomo Corporation. 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.

According to the signed agreement, Enefit Green, the largest wind energy company in the Baltics, is selling a 50% stake in Liivi Offshore OÜ, the project company for the Liivi Bay offshore wind farm, to Sumitomo Corporation.

Sumitomo Corporation is a leading global trading and investment company and a Fortune Global 500 company. Their Head of Overseas Energy Solution Unit Hiroyuki Fujioka says that 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.

According to Juhan Aguraiuja, Chairman of the Management Board of Enefit Green, offshore wind is essential to Estonia´s energy system to significantly increase energy production and energy independence.

“To deliver such a large energy infrastructure a strategic partnership with a global trading house such as SC enables us to accelerate the development of the Liivi Bay offshore wind farm by combining international expertise and experience in construction of offshore wind farms. This partnership brings together Enefit Green’s extensive and in-depth knowledge of local conditions and SC’s global offshore wind experience, driving forward the Liivi Bay project and supporting Estonia’s energy transition and security. The construction of offshore wind farms, like the Liivi Bay project, could create the conditions for the emergence of a new downstream industry with professional competences and highly qualified long-term jobs in the fields of energy, transport, and logistics,” stated Aguraiuja.

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. The farm’s location is in the Gulf of Riga, 11 km from Kihnu Island and 16 km from Häädemeeste. Expected completion of the construction of the wind farm is in 2032.

Enefit Green was advised by Ellex in Estonia Partner Martin Käerdi and Counsel Triin Frosch.

Source: enefitgreen.ee