International energy company Ignitis Group is expanding its operations in Poland, where it will acquire companies developing solar projects portfolio.
With the approval of the Management Board of Ignitis Group, Ignitis Renewables in the near future will conclude a conditional agreement to acquire 100 per cent of the shares of the Polish companies that are developing solar projects portfolio in Poland. Estimated total investments amount to around 50 million euros.
“Poland is one of the priority markets of the Group, where we plan a consistent expansion and are constantly looking for attractive Green Generation projects that have potential,” said Darius Maikštėnas, CEO of Ignitis Group. “The investment into solar power plants developed in Poland will allow us to keep increasing Green Generation capacity and reach 4 gigawatts (GW) of installed Green Generation capacity by 2030 set out in the strategy of the Group.”
The projects to be acquired currently are in various stages of development, their commercial operations date (COD) is estimated around 2022–2023. The projects will operate under a Contract for Difference (CfD) awarded by the Polish Regulator or long-term Power Purchase Agreements (PPA).