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On 22 April 2021, Eesti Energia, a leading utility and the largest wind energy company in the Baltics, signed a memorandum of understanding (MoU) with Ørsted, the global leader in offshore wind. The MoU outlines a vision for developing large-scale offshore wind in the Baltic countries, and to jointly move towards delivering the first offshore wind farm in the Gulf of Riga in the Baltic Sea before 2030 subject to a supportive regulatory framework being in place. As part of the MoU, Eesti Energia and Ørsted intend to establish a joint venture for the development of offshore wind opportunities in the Baltic countries, including the Liivi offshore wind project (in the range of 1000 to 2000 MW) in the Gulf of Riga. In September 2020, the Latvian and Estonian governments signed a Memorandum of Understanding for a joint offshore wind farm.