Ignitis buying owner of 137-MW wind project in Poland

Lithuanian energy company Ignitis Grupe AB (VSE:IGN1L) said on Friday it has struck a deal to acquire an unnamed company that is developing an up to 137-MW wind project in Poland.

The target entity will be purchased by Ignitis’ green energy arm Ignitis Renewables. The Lithuanian firm estimates it will need to pay a total of EUR 240 million (USD 235.3m) to make the acquisition and cover the subsequent construction costs.

The Silesia 2 scheme is currently at an advanced stage of development and has a target date for reaching commercial operations in the second half of 2024. The power plant will be equipped with turbines made by Germany’s Nordex, with their future output planned to be sold on the market.

The new plant will be installed near Ignitis Renewables’ 50-MW Silesia 1 wind farm, which is currently under construction and is due to go online in the last quarter of 2023. The location of the two projects will allow the company to achieve synergies, it noted.

“Silesia 2 will help us improve our position in the neighbouring markets even further and bring us even closer to the target set in the Ignitis Group’s strategy of reaching 4 GW installed green generation capacity by 2030,” said Thierry Aelens, CEO of Ignitis Renewables.

The acquisition is due to be completed over the next several days.

(EUR 1.0 = USD 0.980)

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