Ignitis wins grid-connection capacity for 252-MW solar park in Lithuania

Lithuanian energy company AB Ignitis Grupe (VSE:IGN1L) today said it has been awarded grid capacity for the interconnection of a 252-MW solar park in Lithuania.

A letter of intent that provides the company with capacity in central Lithuania’s Jonava region has been signed by Ignitis subsidiary Ignitis Renewables and domestic transmission system operator Litgrid AB.

Ignitis is currently developing the photovoltaic (PV) project and aims have the plant in operation by 2025. It estimates that up to EUR 200 million (USD 202m) will be required to execute the project. Over the next few months, the developer will seek permission to develop electricity generation capacity from National Energy Regulatory Council (NERC), while a final investment decision will be pursued at a later stage.

The project is Ignitis’ largest greenfield investment proposal so far. The Lithuanian group noted the project location is offering “an additional development potential.”

At present, Ignitis owns a portfolio consisting of roughly 650 MW of onshore wind and solar greenfield projects. The company’s goal is to achieve 4 GW of installed green generation capacity by 2030.

(EUR 1.0 = USD 1.010)

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