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Ignitis Group Commits to 174 MW Tume Solar Project

Ignitis Group Commits to 174 MW Tume Solar Project

Ignitis Group Advances with Tume Solar Farm Investment

AB “Ignitis grup?”, commonly known as the Group, has made an official announcement regarding its final investment decision for the construction of a 174 MW solar farm. This significant project, being developed by the Group’s subsidiary UAB “Ignitis renewables,” represents a major step forward in enhancing renewable energy capacity.

Project Overview and Key Details

The Tume solar farm will be situated in the Tukums municipality of Latvia, specifically within Tume parish. Upon completion, this facility will add an impressive 174 MW to the region’s energy supply. This initiative aligns with the Group's ambitious sustainability objectives.

Timeline for Construction Phase

Now that the investment decision has been finalized, the project is set to move into the construction phase shortly. Construction is expected to kick off in 2024, with operations anticipated to begin in 2026. The total investment for this venture is projected to reach up to EUR 106 million, highlighting the Group's dedication to renewable energy development.

Enhancing Green Energy Capacity

The Group has established a significant goal to substantially increase its green energy capacity, aiming to grow from the current 1.3 GW in 2023 to an impressive 4–5 GW by 2030. This strategic expansion underscores the Group's commitment to sustainability and its efforts to address climate change.

Effect on Financial Guidance

It's important to note that the announcement regarding the Tume solar farm will not affect the Group’s adjusted EBITDA and investment guidance for 2024. This provides reassurance to investors and stakeholders about the reliability of the Group's financial forecasts.

Contact Information for Inquiries

If you have any questions or need further information about the project, please contact:

Paulius Kalmantas
Communications Partner at Ignitis Renewables
Phone: +370 617 51616
Email: paulius.kalmantas@ignitis.lt

Frequently Asked Questions

What is the capacity of the Tume solar farm?

The Tume solar farm is designed to have a capacity of 174 MW.

When is construction expected to start?

Construction is anticipated to begin in 2024.

What is the total investment for the project?

The total investment for the Tume solar farm is estimated to be up to EUR 106 million.

What are the Group's future energy capacity goals?

The Group aims to increase its green energy capacity to 4–5 GW by 2030.

How can I contact Ignitis Renewables for more information?

You can contact Paulius Kalmantas at Ignitis Renewables via phone at +370 617 51616 or email at paulius.kalmantas@ignitis.lt.

About The Author

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The content of this article is based on factual, publicly available information and does not represent legal, financial, or investment advice. Investors Hangout does not offer financial advice, and the author is not a licensed financial advisor. Consult a qualified advisor before making any financial or investment decisions based on this article. This article should not be considered advice to purchase, sell, or hold any securities or other investments. If any of the material provided here is inaccurate, please contact us for corrections.

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