Ignitis Renewables to buy 218-MW wind project in Lithuania

Ignitis Renewables, part of Lithuanian state-controlled energy holding Ignitis Group (VSE:IGN1L), said on Friday that it has signed an agreement to fully acquire a company that owns a 218-MW onshore wind farm development in Lithuania.

The total investment in the project, including costs of the acquisition and construction, is estimated at EUR 300 million (USD 312.6m), Ignitis Group said in a notice to shareholders. The name of the target entity was not disclosed.

The wind farm will located in Lithuania’s Plunge region. The project, currently in early stages of development, is undergoing procedures to assess its environmental impact.

Ignitis Renewables expects commercial operation to begin between 2026 and 2030. Its parent group said that the wind farm will operate under market conditions.

The acquisition will be finalised over the next several days, the group added.

Ignitis Renewables has set a goal to reach 4,000 MW of installed green power capacity by 2030. With the latest project, its total portfolio of projects in operation, construction and development will stand at around 4,800 MW. Of that, 1,200 MW of plants are operational.

(EUR 1.0 = USD 1.042)

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