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Why the Baltics?
Although well advanced in implementation of their renewable energy strategies, Baltic States are currently making their way in starting to develop their offshore wind industries, exploring opportunities in hydrogen and expediting other renewable energy subsectors.
For instance, Estonia has strong potential in offshore wind power, with 7GW of total potential capacity identified; and EUR 3.9 billion in investments projected between 2021 and 2050. Joint offshore wind projects are being planned between Estonia and Latvia for up to 1GW capacity.
In the last decade having experienced difficulties in developing on-shore wind farms, Latvia is open to build a framework that would allow to exploit available for business off-shore wind resources.
For up-and-coming Lithuania, the potential offshore wind energy capacity is around 3.35 GW; with the first 700MW auction to be launched in October 2023 with a second 700MW auction – in 2024.
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