Lithuania's Ignitis Group to invest EUR 700 million into solar, wind projects in Latvia

VILNIUS, March 22 (LETA--BNS) Ignitis Grupe (Ignitis Group), Lithuania's state-owned energy group, plans to invest at least 700 million euros into solar and wind farms in Latvia, the LSM news website of Latvia's public broadcaster reports.

"We plan to invest around 700 euros or more million in Latvia in the coming years. Mostly in the wind and solar power generation, to offer the environment and the public the lowest energy prices in the region," said Darius Maikstenas, the Lithuanian group's board chairman and CEO.

The future solar and wind parks are expected to start power generation from 2025, with energy produced increasing reaching 2.5 GW in 2030.

"About one-third of our development portfolio is in Latvia because we believe that Latvia has strong potential to produce much more green energy," Maikstenas said.

intare Skaiste, who leads Lithuania's Finance Ministry, a shareholder of Ignitis Grupe, said earlier the group's investments in Latvia and Poland allow reducing electricity prices for Lithuanian consumers.

Last year, Ignitis Renewables, a subsidiary of Ignitis Grupe, acquired two wind and solar project developer, as well as leased a plot of land for a wind farm in Latvia from Sweden's international forest industry group Sodra Group.