UAB Evecon, Evecon’s Lithuanian subsidiary, has sold a ready-to-build hybrid project. It comprises a wind farm of approximately 220 megawatts (MW), a 60 MW solar park and a 286 megawatt-hour (MWh) energy storage facility.
The hybrid park project in Lithuania’s Marijampolė region, developed to ready-to-build status, was acquired by Energix Renewable Energies, a renewable energy company listed on the Tel Aviv Stock Exchange. The sale and purchase agreement was signed in August this year, and the transaction closed in September once the conditions precedent had been met.
The total value of the transaction is 25.4 million euros, of which 7.7 million euros was paid upon completion of the transaction. The remaining amount will be paid to the parties upon the achievement of agreed milestones relating to the preparation and approval of technical working designs in accordance with the equipment selected by the investor. This work is currently underway under the leadership of Evecon.
Karl-Joonatan Kvell, CEO of Evecon, said he was pleased that a strong investor has been found and Energix can now take this hybrid project from paper into reality. “Although Evecon has also built energy projects to completion together with partners, we are first and foremost a development company. This means that selling some projects is a natural part of our strategy. Given how capital-intensive energy projects are, selling the Marijampolė project is a logical next step alongside our previous projects in Estonia, Latvia and Lithuania,” Kvell said.
The project combines wind, solar and energy storage developments located close together on the same site. It includes the rights to build a 220 MW wind farm, a 60 MWp solar park and a storage unit with a capacity of approximately 286 MWh.
Giedrius Kvedaravičius, CEO of UAB Evecon, said that Evecon’s Lithuanian subsidiary developed the project from scratch to ready-to-build status, and that all required building permits have now been issued. “Evecon is developing a total of seven wind farms in Lithuania. From the very start of our operations, we decided that we would sell some of them and build others ourselves. We plan to invest the proceeds from the transaction in, among other things, developing other wind farms in Lithuania,” Kvedaravičius said.
Energix estimates the project’s construction cost at approximately EUR 400 million and plans to bring the park into commercial operation by the end of 2027. Energix has stated that it has already secured the wind turbines needed for the project, with deliveries expected to begin in July 2027.
Evecon is an Estonian-owned energy project developer. It develops wind and solar parks, energy storage projects, gas-fired power plants and data center sites in Estonia, Latvia and Lithuania. Including minority stakes, Evecon’s portfolio currently holds approximately 600 MW of operating generation and storage assets, with approximately 100 MW under construction. Its total development portfolio across the Baltics is approximately 4 gigawatts (GW). Wiso Engineering, which focuses on the design, construction and maintenance of energy projects, is part of the same group of companies as Evecon.