International research and consultancy firm Wood Mackenzie has completed an independent assessment of the Curonian Nord offshore wind project in Lithuania, developed by Ignitis Renewables. The evaluation was initiated by the Ignitis Group Supervisory Board in April 2025, which established a working group to oversee a comprehensive review of the project.
The assessment examined the project’s timeline, investment assumptions, and risk management practices, comparing them to global and European offshore wind industry benchmarks. According to Wood Mackenzie’s findings, the Curonian Nord project is well-managed and aligns with industry best practices despite current challenges facing the offshore wind market.
“In addition to its regular oversight of strategic projects, including Curonian Nord, we formed a working group to perform a comprehensive assessment of the offshore wind farm project. We engaged Wood Mackenzie – a leading global provider of data, analytics and consultations for renewables – to deliver an independent, fact-based, transparent and comprehensive assessment,” said Alfonso Faubel, Chair of the Ignitis Group Supervisory Board.
The report concluded that investments made in Curonian Nord up to May 2025 were reasonable when compared with similar projects in Denmark, Belgium, and the United Kingdom. Investments amounted to 46,060 EUR per megawatt (MW), which is below the average investment figure of 82,641 EUR/MW for comparable projects.
Wood Mackenzie also noted that activities undertaken by Ignitis Renewables between 2023 and 2025—such as surveys, design work, and procurement—were necessary steps consistent with industry standards. The company’s risk governance framework was found to be strong; however, experts recommended enhancing horizon scanning processes for earlier identification of supply chain constraints or changes.
The report highlighted ongoing difficulties in the offshore wind sector globally. Supply chain bottlenecks have increased component prices significantly—wind turbine costs are projected to rise by 27% from 2023 through 2030—and installation vessel shortages have led to a 62% increase in related expenses across the market. These factors have contributed to project cancellations and reduced appetite among developers worldwide. Wood Mackenzie advised Ignitis Renewables to closely monitor cost trends for major components and installations as well as developments in the offtake market.
Additionally, it was observed that tender conditions set by Lithuania’s government included an ambitious bid schedule. The multiple implementation scenarios adopted by Ignitis Renewables were described as robust responses aligned with standard industry practice. The main risks affecting financial investment decision schedules were identified as market-related rather than technical.
The Supervisory Board will maintain oversight over key strategic projects such as Curonian Nord and will take further action if required.
The full assessment report is available publicly; however, annexes containing commercially sensitive information remain confidential.
