European Energy has entered into a long-term electricity agreement with the American food group Mars for the majority of the production from the Skuodas wind farm in Lithuania, European Energy said in a press release.
The wind farm will have a capacity of 158.4 MW and is expected to produce approximately 490 GWh annually. It has not yet achieved financial closure. According to European Energy, the agreement will help secure the project's revenue base and thus support financing, and is, according to the company, an example of the use of long-term PPAs to support investments in new renewable energy capacity in the Baltics.
- This agreement shows how companies like Mars are actively enabling new renewable energy production. Through the collaboration, we are promoting the Skuodas wind farm and adding significant new, domestic capacity to Lithuania's energy mix. It shows how companies' PPAs translate climate goals into concrete infrastructure and strengthen national energy independence in Lithuania, says Jens-Peter Zink, Deputy CEO of European Energy.
The expected production corresponds to an annual reduction of around 120,000 tons of CO?. The agreement will also supply power to Mars' activities in Lithuania, including a factory for the production of pet food.
- We are proud to collaborate with European Energy to realize the Skuodas wind project. By working together on this long-term PPA, we not only secure renewable energy for Mars' activities and value chain in the region, but also support new investments in Lithuania's energy infrastructure, says Kevin Rabinovitch, Global VP Sustainability at Mars.
Commissioning of the wind farm is planned for 2028.
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