Ignitis Group to Acquire Latvian Company with 200 MW of Renewable Energy

State-controlled energy holding company in Lithuania, Ignitis Group (AB Ignitis grupė) has announced that after the approval of the Group’s Management Board, the Group’s subsidiary UAB Ignitis Renewables has signed an agreement to acquire 100 per cent shares of a Latvian company which is developing a wind and solar project in Latvia. The agreement is said to be conditional.

Ignitis said that the targeted total capacity of the renewable energy project under development is around 200 MW. The project is in the early stage of development with estimated start of construction in around 2025–2026 and commercial operation date in around 2027–2028. The completed project will operate under market conditions.

Ignitis also informed that the total preliminary investments amount up to €270 million, which includes the project acquisition price and other CAPEX. The payment of the acquisition price depends on achievement of development milestones established in the agreement.

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According to the group, the estimated total return on equity of the project is equal to the levels of similar projects communicated earlier.

The Group reminds that the objective of Ignitis Group companies to consistently increase green energy generation portfolio and reach 4 GW of installed capacity by 2030 is set out in the Ignitis Group strategy.

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Currently, the companies of Ignitis Group run four operational winds farms in Lithuania (Eurakras, Vėjo Vatas and two farms of Vėjo Gūsis: Liepynė and Kreivėnai) and one in Estonia (Tuuleenergia) generating a total of more than 76 MW of green energy.

In July, 2019 the construction of a 94 MW Pomerania wind farm in Poland, belonging to the group, began. The company is also developing a wind farm project near Mažeikiai. By 2030, the group wants to run a total of 3000 MW power of green generation plants in the whole European Union.