Global law firm White & Case LLP has advised Polenergia S.A. on the signing of an investment agreement to establish a special purpose vehicle, jointly controlled by Green Genius (part of the Modus Group), which will act as Polenergia's local partner in the Lithuanian market.
The agreement will establish a joint venture to develop wind power projects in the Baltic Sea in Lithuania's territorial waters or in the country's exclusive economic zone. The execution of the agreement is subject to the approval of the relevant competition authority and the conclusion of a shareholders agreement between Polenergia and Green Genuis.
The first offshore wind power project in Lithuania in the Baltic Sea is expected to start operations in 2030 and will have a capacity of approximately 700 MW.
Polenergia is Poland's largest privately held, vertically integrated energy group operating in the area of energy production from renewable and gas sources, as well as in the distribution and trading of electricity.
The White & Case team in Warsaw which advised on the transaction included partner Rafał Kamiński, local partners Aneta Hajska and Jakub Gubański and associates Sylwia Zwolan and Maciej Gac.
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