- Potential bidders must satisfy the government’s standards, which demand that they have $266.3 million in yearly average revenue.
- The offshore wind farm should be operational by 2028.
The Lithuanian government has given the go-ahead for the conditions for developers to take part in the nation’s first offshore wind tender, which is set to get underway on March 30.
The upcoming contest will look for developers for a site in the Baltic Sea that may house 700 MW of offshore wind turbines and create the nation’s first offshore complex. The location of the project, which is over 36 kilometers off the shore, is also approved according to the government’s decision.
The competitive round will be run by the National Energy Regulatory Council (VERT) in an endeavor to award development rights to the party submitting the highest fee. Without help from the state, the project will be finished.
Potential bidders must satisfy the government’s standards, which demand that they have $266.3 million in yearly average revenue over the previous three years and at least 20% of the project’s value in equity. Moreover, documentation demonstrating the company has finished at least one offshore wind project with a capacity of 150 MW or more is required.
The offshore wind farm should be operational by 2028. Its production might provide up to 25% of the country’s overall electricity requirements.