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Lithuania's Ignitis Renewables buys wind, solar project developer in Latvia

LETA Latvian News Agency  


    VILNIUS, Sept 6 (LETA--BNS) Ignitis Renewables, a subsidiary of Lithuania's state-controlled energy group Ignitis Grupe, has purchased 100 percent of shares in an unnamed Latvian company that is developing a 200-megawatt wind and solar project in the neighboring country.

    Ignitis Grupe said in a stock exchange release on Tuesday that the deal had been greenlighted by its management board.

    The project is at an early stage of development, with construction scheduled to start in "around 2025-2026" and commercial operations expected to begin in "around 2027-2028", the group said.

    The total investment in the project is estimated at up to 270 million euros, which includes the acquisition price and other investment costs.

    In August 2021, Ignitis Renewables signed conditional agreements to acquire shares in Latvian companies developing three wind farms.


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