Lithuania invites US investors to join ambitious offshore wind farm project

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Lithuania invites US investors to join ambitious offshore wind farm project

In a press release on Wednesday, the President's office said that he invited US investors to join an ambitious project to decarbonize the Lithuanian economy by joining an ambitious project that aims to build 1.4 GW offshore wind parks.

The people who trusted the Kremlin and built their national energy systems on Russian gas are facing a reality of energy blackmail and political manipulation. The illusions are gone and the whole of Europe has realized that our energy future is not dependent on Russia. We see tomorrow as green, sustainable and energy secure. The press release quoted Nauseda as saying that we are moving forward at a rapid pace.

Lithuania is planning to hold an auction in September 2023 to select the developer of the 700 megawatt offshore wind farm in the Baltic Sea.

The wind farm, which is located about 30 to 40 kilometers off the coast, is expected to generate around 2.5 - 3 terawatt hours of electricity per year, or a quarter of Lithuania's current energy demand.

The offshore wind farm project is expected to be completed in 2028.

On Wednesday, Nauseda met with JP Morgan Chase Vice Chairman Peter L. Scher, to present him Lithuania's achievements in the areas of economic resilience, financial technology, IT, science and business cooperation.

The financial sector of Lithuania is open to new market players. We are one of the leaders of the fintech industry. Lithuania's progress in digital financial services is underpinned by a robust and well-developed IT sector, the Lithuanian president said.

JP Morgan Chase provides a wide range of financial services in the US and globally. In the future, the bank plans to develop retail digital banking services in continental Europe.