Ignitis eyes more wind in Latvia through Sodra partnership

The renewable energy arm of Lithuanian energy company Ignitis Grupe AB (VSE:IGN1L) has sealed a construction right agreement with a unit of Swedish forest industry organisation Sodra for wind farm projects in Latvia.

The collaboration between Ignitis Renewables and the forestry cooperative will enable the Lithuanian company to develop wind farm projects, it said on Tuesday. This is the first such agreement between the parties.

Ignitis’ clean energy unit operates in the wind, solar, biomass and waste-to-energy markets in the Baltic States and Poland. It is presently developing projects with a combined capacity of roughly 500 MW in Latvia.

“Latvia is a strategic market for Ignitis Renewables, and we see great potential here,” said Erika Sciogoleva, CEO of Ignitis Renewables Latvia. She added that the company will look to expand its current portfolio so as “to make a meaningful contribution to the EU climate neutral goals.”

Ignitis Group aims to reach 4 GW of installed green generation capacity by 2030. Earlier this month, it signed a conditional deal to acquire a company developing a 200-MW hybrid wind-solar park project in Latvia.

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