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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 off-shore wind resources.
For Lithuania, the potential offshore wind energy capacity is around 3.35 GW. Earlier this year Lithuania launched its first tender for development of 700MW farm which provisionally has been won by Ignitis Renewables and Ocean Winds. Lithuanian government is also preparing for the second 700 MW offshore wind tender to be launched in autumn 2023.
As offshore wind industries in the Baltic States are currently in their development stages and projects are starting, the sector offers great opportunities for a range of UK offshore wind supply chain companies.
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