Estonia and Latvia have signed a deal of exclusive collaboration rights with Copenhagen Infrastructure Partners (CIP) – the world’s largest dedicated fund manager within greenfield renewable energy investments – and Ignitis Renewables, further consolidating Ignitis’ leading market position in the Baltic.
Following Estonia’s adoption of a legal framework for offshore wind site allocation, CIP and Ignitis aim to meet Estonia and Latvia’s decarbonisation targets and energy security ambitions through the deployment of offshore wind infrastructure as well as create employment opportunities in the growing sector. 
“With today’s announcement, we are taking an important step in contributing to a sustainable and secure energy future for the Baltic region through our New Markets Fund,” said CIP’s Head of the New Markets Fund, Ole Kjems Sørensen. “Alongside our local partner Ignitis Group, one of the largest renewable energy generators in the Baltic region, CIP aims to explore opportunities that tap into Estonia’s and Latvia’s substantial growth potential across renewable technologies including Power-to-X. CIP believes offshore wind has the potential to play a critical role in both nations achieving their targets and transforming the Baltic region into a long-term, self-sustained green energy hub.”
CEO of Ignitis Group, Darius Maikštėnas says: “We see the Baltic States as leaders of renewable energy in the future and Ignitis Group is set to lead this regional transition. A strategic partnership with CIP, the world’s largest dedicated fund manager within greenfield renewable energy investments and a global leader in offshore wind will allow us to be on strong footing as we develop offshore projects in Estonia and Latvia.
CIP manages 11 funds and has to date raised approximately EUR 25 billion for investments in energy and associated infrastructure from more than 140 international institutional investors.
The construction of the wind park in both areas of Latvia and Estonia will provide an electricity capacity of at least 1,000 MW, which could boost the energy independence of Latvia and the Baltic region.