Lithuanian energy company Ignitis Group wants to double the installed capacity of the Green Generation and increase clean electricity production from the current 1.2 gigawatts (GW) to 2.2 GW by 2025 to contribute to reducing energy dependence on third countries.
By 2030, the company intends to produce 4 GW of electricity from hydro, wind, sun, biofuel and waste.
The Group’s planned capital expenditure for 2022–2025 is 1.7–2.0 billion euros, 85–95 per cent of which will be directed towards the implementation of the projects aligned with the United Nations Sustainable Development Goals.
“Recent geopolitical events show that it is necessary for Lithuania and the entire region to increase the capacity of clean local electricity generation, and the most sustainable way to achieve this is the development of Green Generation”, said Darius Maikštėnas, Ignitis Group CEO and Chair of the Management Board.
“Ignitis Group has set ambitious goals and every year moves towards their implementation. In the Strategic Plan, we also maintain and strengthen our commitment to sustainability and decarbonisation, thus ensuring that we contribute to stop climate change”, he added.
The Strategic Plan also establishes targets to ensure the digitalisation of the networks and service quality improvement, as well as network efficiency and resilience.
According to the press statement of Ignitis, the investments into the Networks segment will comprise 45 per cent or almost one billion euros of the total estimated CAPEX of the Group. In addition, the company will invest in replacing overhead electricity distribution lines with underground cables, facilitating grid connections, smart meter installation and empowering prosumers.