Estonian power producer Enefit Green AS (TAL:EGR1T) plans to quadruple its current renewable energy generation capacity to around 1.9 GW by the end of 2026.
The company’s supervisory board on Wednesday approved its updated strategy for the next five years, thus supporting the investment of EUR 1.5 billion (USD 1.6bn) in 2022-2026. The plan will be financed with debt and operating cash flow.
"We see additional investment and development opportunities for construction of new wind and solar farms at an even faster pace than before. This allows us to grow our production capacity fourfold. The increase in Enefit Green's production allows clients to sign long-term PPAs and to transition to affordable green energy consumption," said Aavo Karmas, chairman of the management board of Enefit Green.
At present, the company has an installed production capacity of 457 MW and is building 226 MW of new wind and solar parks already. In addition to that, it intends to construct some 600 MW of wind farms in Estonia and Lithuania along with about 600 MW of solar power plants in the Baltics and Poland by the end of the period.
Once the new facilities become operational, Enefit Green will have the capacity to generate 4.5 GWh of electricity per year, up from 1.2 GWh in 2021. Thermal energy production will be kept at 2021 levels during the strategy period, it noted.
(EUR 1.0 = USD 1.071)
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