Evecon, the Estonian-owned energy project developer, has sold a ready-to-build hybrid renewable energy project in Lithuania to Energix Renewable Energies, an Israeli renewable energy company listed on the Tel Aviv Stock Exchange.

Deal Structure and Payment Terms

The transaction, valued at USD 28.5 million in total, was agreed upon through a sale and purchase agreement signed in August this year and closed in September once the conditions precedent had been met.

Of the total transaction value, USD 8.6 million was paid upon completion. The remaining amount will be paid 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. That work is currently underway under Evecon's leadership.

The buyer is Energix Renewable Energies, whose acquisition was executed through UAB Evecon, Evecon's Lithuanian subsidiary, which developed the project.

What the Hybrid Project Includes

The project is located in Lithuania's Marijampolė region and combines wind, solar, and energy storage developments located close together on the same site. It includes the rights to build a wind farm of approximately 220 megawatts (MW), a 60 MWp solar park, and a storage unit with a capacity of approximately 286 megawatt-hours (MWh).

According to Giedrius Kvedaravičius, CEO of UAB Evecon, the Lithuanian subsidiary developed the project from scratch to ready-to-build status, and all required building permits have now been issued.

Energix Plans Construction and 2027 Launch

Energix estimates the project's construction cost at approximately USD 448.8 million and plans to bring the park into commercial operation by the end of 2027. The company has stated that it has already secured the wind turbines needed for the project, with deliveries expected to begin in July 2027.

Evecon Leadership on the Sale

Karl-Joonatan Kvell, CEO of Evecon, said he was pleased that a strong investor had been found and that Energix can now take the 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.

Kvedaravičius noted that Evecon is developing a total of seven wind farms in Lithuania and that, from the very start of its operations, the company decided it would sell some of them and build others itself. He said Evecon plans to invest the proceeds from the transaction in, among other things, developing other wind farms in Lithuania.

Evecon's Broader Portfolio

Evecon develops wind and solar parks, energy storage projects, gas-fired power plants, and data center sites in Estonia, Latvia, and Lithuania. Including minority stakes, the company'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 stands at 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.

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