Lithuania’s Ignitis Group buys Latvian renewables developer with 200MW solar and wind project

Ignitis is targeting 4GW of renewables by 2030. Image: Ignitis Group.

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.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

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.

21 March 2024
This special webinar will look at one of the most important changes impacting PV manufacturing today; how to establish and sustain new facilities around the world. For more than two decades, policy-makers have grappled with the challenges of nurturing domestic manufacturing sectors. Many countries have tried to create domestic sectors: Japan, Taiwan, South Korea, India, Europe and the U.S. But success stories have been rare. Mistakes seem to be repeated. And all the while, Chinese dominance of the industry has only increased. However, in the past 2-3 years, new drivers have emerged that suggest the dream of a global PV manufacturing ecosystem could be a reality. Join us as we shed light on this.
26 November 2024
Understanding PV module supply to the European market in 2025. PV ModuleTech Europe 2024 is a two-day conference that tackles these challenges directly, with an agenda that addresses all aspects of module supplier selection; product availability, technology offerings, traceability of supply-chain, factory auditing, module testing and reliability, and company bankability.

Read Next

Subscribe to Newsletter

Upcoming Events

Solar Media Events
February 28, 2024
Seattle, USA
Solar Media Events, Industry Events
March 12, 2024
Frankfurt, Germany
Upcoming Webinars
March 13, 2024
9am EDT / 1pm GMT / 2pm CET
Solar Media Events
March 19, 2024
Texas, USA