Ignitis starts building 50-MW wind farm in Poland

Lithuanian energy company Ignitis Grupe AB (VSE:IGN1L) will invest some EUR 70 million (USD 71.7m) to build a 50-MW wind farm in the Lower Silesian Voivodeship of southwestern Poland, near the border with the Czech Republic.

The project will be realised by the company’s green energy arm Ignitis Renewables, with construction to be handled by CJR Renewables. This will be the Lithuanian group’s second wind farm in Poland, it said on Wednesday.

To be located in Bakow, the plant will be equipped with 14 Nordex 3.6-MW turbines and is planned to go online in the closing quarter of 2023. Its future output is expected to be around 122 GWh per year.

“It is important to note that the investments of Ignitis Renewables in other markets do not affect the electricity price in Lithuania [..],” noted Thierry Aelens, CEO of Ignitis Renewables, adding that the estimated total return on equity from the new project will be within the company’s vision of a “high single-digit, low double-digit” return for such schemes.

Ignitis already owns a 94-MW wind farm in Poland and is now developing an 80-MW solar project portfolio, as well as 150 MW of greenfield schemes.

(EUR 1.0 = USD 1.024)

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