Ignitis set to start building 239-MW Latvian solar portfolio

Lithuanian utility Ignitis Group (VSE:IGN1L) is getting ready to start construction works this quarter on a Latvian solar portfolio with a combined capacity of 239 MW.

Described as the largest of its kind in the Baltic states, the portfolio is made up of three separate power generating facilities. Late last year, the state-controlled energy holding company announced having taken a final investment decision (FID) on the projects and today disclosed more details about the initiative.

The EUR-178-million (USD 191.8m) scheme comprises the 94-MW Varme site and the 145-MW Stelpe solar project that includes two stand-alone developments. The first one will be located in Varme parish in Kuldigas county, while the two other sites will be in the parishes of Barbele and Stelpe in Bauskas county.

Once operational, expected in 2025, the sites will produce enough clean electricity to meet the needs of around 100,000 households annually. There is an option to add wind power to each of the assets through hybridisation.

“These projects in Latvia are pivotal for our progress towards our goal to install 4–5 gigawatts (GW) of green generation capacities by 2030,” said Thierry Aelens, CEO at Ignitis Renewables.

(EUR 1 = USD 1.078)

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