Lithuanian government-owned utility and renewables developer Ignitis Group has completed its first 94MW solar project in Latvia.
The 110-hectare Vārme solar plant includes 156,000 solar panels and powers over 40,000 households. The total investment in the solar facility – including acquisition and construction – is estimated at approximately €66 million (US$75 million). Vārme is the first of three large-scale solar farms being developed in Latvia by Vilnius, Lithuania-headquartered firm.
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Two additional projects – Stelpe (145MW) and Tume (174 MW) – are currently under construction. Together, the three farms will have a total installed capacity of over 400MW, enough to power nearly 200,000 households with renewable energy annually.
Darius Maikštėnas, CEO of Ignitis Group said that the company is “actively expanding” its presence in Latvia. “We are strengthening the foundation for green projects across the Baltics, which is an essential prerequisite for making our region one of the most competitive in Europe in terms of energy prices.”
The firm entered the Latvian market in 2022 with the acquisition of a local renewables company developing a 200MW wind and solar project. Ignitis Group acquired 100% of the unnamed company through a €270 million (US$268 million) investment, covering the project acquisition and other capital expenditures, subject to development milestones. The project was expected to begin construction around 2025-2026, with commercial operations targeted for 2027-2028.
This was followed by Ignitis Group acquiring 100% of the shares in a Latvian developer with a 300MWp solar PV portfolio under development in January 2023. The projects, located in Latvia, were expected to become operational in 2025. The total preliminary investment, covering the acquisition and related capital expenditures, was estimated at up to €213 million (US$225 million).
