Ignitis Group seeks to postpone 700-MW Baltic Sea offshore wind project
State-controlled Ignitis Group has asked Lithuania’s energy and finance ministries to defer its 700-MW offshore wind farm, while keeping the option to restart later.
Ignitis Group, owned by the Lithuanian state, announced a proposal to push back the implementation of its 700-megawatt offshore wind farm in the Baltic Sea, a venture valued at roughly €3 billion. CEO Darius Maikstenas emphasized the importance of stable renewable capacity while insisting the delay should maximise value for the state. Ignitis Renewables will continue preparatory activities and aim for a construction permit in 2027, but will ask the energy and finance ministries to modify the project timetable.
The National Audit Office’s recent review highlighted a 27% cost increase and a 40% decline in expected returns, leading to three strategic options: freeze, partner with neighboring countries and tap EU funds, or move ahead with higher electricity tariffs. The Seimas Audit Committee has urged the government to coordinate the assessment, and the ministries are expected to issue a final decision before the end of the year.
