Estonia, Denmark sign largest renewable energy agreement in Baltics

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Offshore wind turbines (photo is illustrative). Source: European Wind Energy Association/Flickr (CC BY-NC-ND 2.0)

Estonia and Denmark have signed a 10-year power purchase agreement which secures the equivalent of half of Estonia's annual consumption in renewable energy.

Eesti Energia and European Energy signed an agreement for 3.8 TWh of renewable energy over 10 years starting in 2023. Power purchase agreements allow the customer to fix the electricity price on favorable terms for a long-term period.

The power will come from three wind farms that European Energy is constructing in Lithuania.

Margus Vals, member of the Management Board in Eesti Energia, said: "This is another landmark deal which helps our customers all over the Baltics to faster implement the green transition, choose renewable energy and fix electricity costs at a very good price point."

For Eesti Energia, interest in such a solution has exceeded all expectations, a statement from the company said. In 2021, over 100 agreements have been signed with large companies all over the Baltics. The total volume sold by Eesti Energia to customers exceeds 2 TWh.

"We are very happy to be able to deliver more renewable energy in the Baltics through our wind farms. This is to date the largest PPA signed in the region and we believe that the Baltic market is very keen on a green transition of its energy sector," says Jonas Lau Forsberg Nihøj, Director of Energy Trading and PPA at European Energy.

Eesti Energia is aiming to reach 1 million customers in the Baltic Sea region by 2024.

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Editor: Helen Wright

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