Lithuanian government-owned utility and renewables developer Ignitis Group has acquired a Latvian renewables company which is developing a 200MW wind and solar project in the country.
Ignitis has acquired 100% of the shares in the unnamed company via a €270 million (US$268 million) investment, which includes the project acquisition price and other capex costs and is subject to development milestones.
The project, which also had not been named, is in the early stage of development with estimated start of construction in around 2025–2026 and commercial operation date in around 2027–2028.
Ignitis estimated that its expected return on investment would be in the “high single-digit to low double-digit” range on a levered equity basis.
The company, which in November last year bought several Polish PV developers for US$57 million, is aiming to reach a 4GW portfolio by 2030.
The year before, it purchased yet more solar plants in Poland with a combined capacity of up to 170MW from developer Sun Investment Group (SIG) before going on to raise €450 million in an initial public offering, with the company now trading on both the Main Trading List of Nasdaq Vilnius and the Main Market of the London Stock Exchange.