Ignitis to buy 80-MW solar project bundle in Poland

Solar power plant in Lithuania. Source: Ignitis Group

November 16 (Renewables Now) - Lithuanian utility Ignitis Group (VSE:IGN1L) said on Monday that its renewables subsidiary will acquire companies that are developing an up to 80-MW portfolio of solar projects in Poland.

The management board of the parent company has given its nod to a conditional share purchase agreement of Ignitis Renewables that will see it take possession of Poland-based companies that own the project bundle. The deal is expected to be concluded “in the near future."

Ignitis’ total investment will amount to EUR 50 million (USD 56.9m).

The portfolio to be acquired consists of projects in various stages of development, all of which are planned to begin commercial operations in 2022-2023. Once up and running, the power plants will operate under Poland’s contract for difference (CfD) regime or under long-term power purchase agreements (PPAs).

The closing of the acquisition will depend on certain conditions, among which is the seller’s obligation to develop, build and commission the PV parks and sign related CfDs and PPAs.

Ignitis Group aims at having 4 GW of operational green generation capacity by 2030.

(EUR 1.0 = USD 1.138)

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