Ignitis takes FID on 239-MWp solar portfolio in Latvia

Lithuanian utility Ignitis Group (VSE:IGN1L) said today it has taken a final investment decision (FID) on a 239-MWp portfolio of three separate solar power assets across Latvia.

Construction works on the sites are scheduled to start next year, while the commissioning is expected in 2025, according to a statement.

Grid connection of the assets has already been secured. There is an option to add wind power to each of the three solar farms through hybridisation.

The total investment in the solar capacity is expected to stand at up to EUR 178 million (USD 194.5m), including the construction expenses and project acquisition price. Ignitis highlighted in the statement that this is the largest FID for the construction of solar power plants in the Baltic states.

The Lithuanian utility, through a subsidiary, signed a conditional agreement to acquire the Latvian company developing the abovementioned portfolio last December. The investment is aligned with its push for a four-time increase in its green generation capacity to 4-5 GW by 2030.

(EUR 1 = USD 1.093)

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