Centrica Energy and European Energy sign three balancing agreements for renewable electricity from wind and solar farms based in Lithuania

Centrica Energy will take on the role of balancing the energy output from two wind farms and one solar farm in Lithuania for European Energy. The total renewable electricity output of the energy parks will be more than 498 GWh annually.

Copenhagen, Denmark, 12 September, 2024 – Starting in September 2024, Centrica Energy will take on the responsibility of managing and trading the renewable power generated from three sites in the European Energy portfolio. The agreement includes the Telsiai I and Telsiai II wind farms, which have a combined installed capacity of 120 MW and generate 398 GWh annually, as well as the Anyksciai solar farm, which has an installed capacity of 78 MW and produces approximately 100 GWh of renewable electricity each year.

Together, these sites will provide more than 498 GWh of renewable electricity annually, equivalent to the consumption of approximately 240,000 households or offsetting around 150,000 tonnes of CO2e emissions each year.

“We appreciate this cooperation agreement with Centrica Energy which is also a sign that the Baltic electricity market is maturing, including also with a growing need for more PPAs. This contributes to the market’s attractiveness for global investors. At European Energy, we view this positively, as it will lead to further development of renewable energy,” said Jens-Peter Zink, Deputy CEO of European Energy.

European Energy has been a key player in the development of renewable energy capacity in Lithuania, having added more than 383 MW to the country’s renewable energy infrastructure. The company currently has over 1.6 GW of projects in its Lithuanian pipeline.

This deal highlights Centrica Energy’s continued momentum in the Baltic markets, following the signing of multiple agreements across 2023 and 2024. These agreements have increased Centrica’s portfolio of wind and solar assets under management in the Baltic states to a total of 366 MW.

“We’re very pleased to continue building on our strong partnership with European Energy. We have set an incredibly ambitious target to expand our portfolio of third-party renewable assets to 30 GW by 2030. To responsibly achieve this goal, we need to maintain a diversified portfolio—not just in terms of renewable technology types, but also in geographic distribution. Our position in the Baltics is a key part of that strategy, while we continue to seek opportunities and partnerships in important renewable markets across Europe,” said Kristian Gjerløv-Juel, Vice President of Renewable Energy Trading & Optimization at Centrica Energy.

In line with an ambitious commercial strategy to expand operations across new borders, Centrica Energy uses market-based instruments to secure long-term access to renewable electricity supplies. This approach involves advanced risk management to sustainably source energy for corporations and ensure returns for investors, while bringing new green electricity into the grid.

Contact

Ming Ou Lü

PR Manager

+45 3126 9376

miol@europeanenergy.com