Lithuania seeks to decarbonize energy sector with 1.4 GW offshore wind farms

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Lithuania seeks to decarbonize energy sector with 1.4 GW offshore wind farms

The presidential office asked US investors to get involved in decarbonizing the Lithuanian economy by joining an ambitious project that aims to build 1.4 GW offshore wind parks.

Those who trusted the Kremlin and built their national energy systems on Russian gas are facing the 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 want to see tomorrow as green, sustainable and energy secure. The press release quoted Nauseda as saying, "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, located some 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 Peter L. Scher, the Vice Chairman of JP Morgan Chase, to present Lithuania's achievements in the areas of economic resilience, financial technology, IT, science and business cooperation.

Lithuania's financial sector is open to new market players. We are one of the leaders in the industry of fintech. 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. The bank plans to develop retail digital banking services in continental Europe in the future.