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Lithuanians will be the first in the world to be able to rent remote wind plants

Lithuanians will be the first in the world to be able to rent remote wind plants

Ignitis, a smart energy solutions company, is the first in the world to offer a solution that will allow people to rent a part of a wind power plant online. Until now, people could rent or buy only remote solar parks. The possibility to rent a part of a wind farm is an additional alternative for those who currently do not have the money to invest in, for example, solar generation.

‘We are aware of the complex and unpredictable situation in the energy market, and we are constantly looking for ways and solutions to offer to our customers to help them to be energy smart and save money’, says Darius Maikštėnas, CEO of Ignitis Group.

‘As the energy industry changes and evolves, and as we are rapidly going green, investments in renewable energy generation are becoming more and more important, better understood, and their payback period is getting shorter. We are constantly looking for opportunities to help our customers get involved in the energy market, to be not just mere observers but to contribute to its development. The fact that today we can offer them access to wind energy and thus increase their resilience to volatility in energy prices is a result of the Ignitis team, and we are proud of it’, says Mr Maikštėnas.

The 4.5 MW wind farm, which is being developed by a subsidiary of Ignitis Renewables, will be offered to customers on a rental basis, which means that anyone will be able to rent a part of the plant and generate electricity. The rental fee of around €36/kW per month will be paid by the residential customers to the wind farm operator, while the electricity generated by the wind farm will be converted into a monetary value under the terms agreed with the supplier and stored in the customer’s supply account. The customers will then continue to buy all the electricity they need from the supplier according to the selected plan at the contracted prices, and their electricity bill will be covered by the value of the energy produced by the rented part of the wind farm. At the end of the rental agreement or when the consumer terminates the supply contract with the supplier, the accumulated value of the electricity will be paid to the consumer under the terms of the contract. And if the value of the energy produced in the current month is higher than the energy bill, the remaining value will be accumulated to cover future bills.

The wind farm is already under construction and some of the planned 14 wind power plants have already been built. It is expected that the customers renting a part of the plant will start generating electricity in the second half of 2023.