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Closing: Ignitis Renewables' Acquisition of Wind Farm from E Energija Now Closed

Closing: Ignitis Renewables' Acquisition of Wind Farm from E Energija Now Closed

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On November 3, 2023, Cobalt announced that Ignitis Renewables' acquisition of a wind farm in Kelme, Lithuania, from E Energija (reported by CEE Legal Matters on July 4, 2023) had closed.

According to the firm, the target asset was the largest wind farm of the E Energija group, and the transaction involved the sale of shares in two companies developing the onshore wind park in the Kelme district.

The wind power park is already under construction and will have a capacity of up to 300 megawatts, with a planned start of electricity production in 2025. The implemented project will operate under market conditions and the related investments, including the purchase price and construction costs, should amount to about EUR 550 million.

According to Cobalt, E Energija develops and builds wind, solar, and hybrid parks in Lithuania and neighboring countries. The 69-megawatt and 9-megawatt wind power parks it has developed in the Telsiai and Kelme districts are already producing green electricity. By 2030, E Energija plans to develop up to 2000 megawatts of renewable energy projects in the region.

Ignitis Renewables is part of the Ignitis Group, an energy company operating in the Baltic States.

As previously reported, Cobalt advised E Energija while Walless advised Ignitis Renewables.

The updated Cobalt team included Partners Elijus Burgis, Paulius Markovas, and Vydmantas Grigoravicius and Senior Associate Zygintas Voronavicius.

The Walless team included Partners Povilas Zukauskas and Vaidotas Puklevicius, Associate Partners Sarunas Basijokas and Vygintas Kuprys, Senior Associates Simona Miliauskaite-Gintute and Tomas Paulauskas, and Associates Ieva Pikaite, Monika Bucinskaite, and Indre Jocyte.

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