COBALT advised UAB Amberwind in connection with the development of the largest wind park in the Baltics
2016 - 06 - 17
COBALT assisted UAB Amberwind, a SPV company belonging to Stemma Group, one of the largest groups operating in the field of wind park construction and operation, with legal matters related to the development and post development activities of the largest wind park in the Baltic states. The value of the project is approximately EUR 127.7 million.
The wind park was officially opened on 16 June 2016, in Western Lithuania, Pagėgiai municipality. Extending over an area of 2500 ha, the wind park is powered by 30 new generation Enercon turbines with a total capacity of 73.5 MW. It is expected to generate 200 GWh of electricity over a year, i.e. an average amount required to meet energy needs of 35 000 households.
This international deal is innovative both because of innovative energy source (wind) itself and because of challenging and unique legal tasks due to the size of the developed park. The project was implemented during a very short period of time and brought additional challenges finding innovative legal solutions, because legal environment in the renewable energy sector is new and fast developing. This project is one among the few wind park projects during which all possible zoning procedures were approved.
Over a 5-year long project COBALT lawyers advised and assisted UAB Amberwind with all issues related to obtaining required permits and attracting equity and borrowed capital for the development of the park, defended the interests of the client in administrative bodies and courts of all levels, represented the client’s interests before the inter-departmental governmental commission for national security issues, assisted in amending the legislation governing the renewable energy sector, and drafted all kinds of zoning and contractual construction documentation.
The project was led by Dr Paulius Markovas, Partner at COBALT Lithuania. Partner Elijus Burgis and Senior Associates Vydmantas Grigoravičius and Ruslanas Černiauskas made a significant contribution to the project.