Centrica Energy signs Power Purchase Agreement for Wind Farms in Lithuania

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AALBORG & HELSINKI, MARCH 1 2024 – Centrica Energy, Taaleri Energia, a leading renewable energy developer and fund manager, and Lords LB Asset Management, a Lithaunia based fund manager, have today announced the signing of a Power Offtake Agreement for the Rokiškis and Jonava wind farms, developed in cooperation between the Taaleri SolarWind II fund and closed end investment company Atsinaujinančios Energetikos Investicijos.

Starting February 2024, Centrica Energy is offtaking power production from the two wind farms located in the Utena and Kaunas counties of Lithuania, with a total installed capacity of 136MW. Generating 408GWh annually, the wind farms will produce green electricity equivalent to the consumption of approximately 197,000 households, offsetting 123,000 tonnes of CO2e emissions every year.

Kristian Gjerløv-Juel, vice president of renewable energy trading & optimisation at Centrica Energy said “We’re excited to further build on our strong cooperation with Taaleri Energia, expanding our relationship beyond the Finnish, Swedish, and Norwegian markets to now include Lithuania as well. Our commitment to delivering services and solutions that support the growth of sustainable energy systems across Europe is unwavering, and it’s fantastic to be on that journey alongside some of the leading developers and fund managers in the renewables industry.” 

Aleksi Nordlund, director power markets at Taaleri Energia said “We are pleased to have finalized this offtake agreement with Centrica, with whom we've maintained a strong partnership for an extended period. It's encouraging to witness Centrica's expansion into new markets and their ability to provide tehri assistance. This offtake agreement aligns with our renewable energy investments, which we believe are crucial for achieving global climate targets.”

The agreement marks Centrica Energy’s first renewable power purchase agreement secured in Lithuania, and closely follows its first agreement in Estonia. It brings Centrica’s portfolio of wind and solar assets under management in the Baltic states to a total of 168MW.

Following its ambitious commercial strategy to expand the business across new borders and deliver on green growth ambitions, Centrica is working to support the application of merchant-based instruments and manage risks, ultimately enabling long-term returns for investors who are bringing new green electricity into the grid.

Whilst the majority of Lithuania’s domestic power generation is based on renewable energies, the country remains dependent on energy imports to cover approximately three-quarters of the domestic demand for energy. With ambitious national targets calling for an increase in the share of renewable electricity consumption to 45% by 2030, Lithuania is a market that presents significant potential for the buildout, management, and optimisation of new renewable generation.