‘Ignitis Group’ acquires three wind farms under development in Latvia

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On Thursday, with the consent of the Board of Ignitis Group, the company’s subsidiary Ignitis Renewables has entered into conditional agreements on the acquisition of 100% of shares in three Latvian companies that develop wind farm projects in Latvia. The total capacity of these early-stage projects is approximately 160 MW.

The projects are planned in the western part of Latvia, but details are not currently provided.

“Latvia is one of our strategically important markets, and the acquisition of these projects is the result of the Group’s consistently implemented strategy. Our goal is to expand the green energy portfolio to 4 GW by 2030, so we will continue to actively seek development opportunities in all Baltic countries, as well as “says Darius Maikštėnas, CEO of Ignitis Group.

The agreements stipulate that the project developers will have to develop the wind farm projects up to the construction stage, but after receiving the building permits, the shares will have to be sold to Ignitis Renewables. This is the first time Ignitis Group has acquired ownership of green energy projects, but their future direction remains the responsibility of wind farm developers. Ignitis Renewables will actively participate in the decision-making process and, after developers receive building permits, survey contractors for wind turbine construction and construction work.

It is estimated that construction of wind farms will start around 2024-2025. but their start-up is estimated around 2025-2027. year.

The total preliminary investment amount is up to 200 million euros. The purchase price of these objects does not exceed 10% of the total amount. Payment of the purchase price depends on the achievement of the development stages specified in the contracts.

Once completed, the projects will operate under market conditions.

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