Ignitis Group Greenlights 174 MW Solar Project in Latvia
Ignitis Group Greenlights Major Solar Project
AB “Ignitis grup?” has made an important stride in its renewable energy ambitions by approving a substantial investment in a 174 MW solar farm, developed by its subsidiary, UAB “Ignitis renewables.” This decision marks a significant step towards expanding the Group’s green energy portfolio.
Details of the Tume Solar Farm Project
The Tume solar farm, located in Latvia, is set to be a game changer for the region's energy landscape. With its goal of a capacity reaching 174 MW, the project is designed to contribute to the Group's long-term sustainability vision and strategy, pushing forward the transition towards renewable energy sources.
Construction Timeline and Investment
Construction for the Tume solar farm is anticipated to kick off in 2024, with the official commercial operation date (COD) projected for 2026. The total financial commitment for the project is expected to reach approximately EUR 106 million, signifying the Group’s robust investment in clean energy initiatives.
Expanding Green Capacities
This solar farm is part of a broader ambition by Ignitis Group to significantly ramp up its green capacities. The Group aims to increase its renewable energy output from 1.3 GW in 2023 to an impressive 4–5 GW by 2030. This target underlines Ignitis Group's commitment to environmental sustainability and leadership in renewable energy within the sector.
Impact on Future Financial Guidelines
The announcement regarding the Tume solar project does not alter the Group's Adjusted EBITDA and Investment guidance for 2024, which speaks to the sound financial management strategies currently in place.
Contact Information for Inquiries
For those seeking further details or clarification about the project, Paulius Kalmantas, the Communications Partner at Ignitis Renewables, can be reached at +370 617 51616 or via email at paulius.kalmantas@ignitis.lt.
Frequently Asked Questions
What is the main purpose of the Tume solar farm project?
The primary purpose is to increase renewable energy capacity significantly while supporting Ignitis Group's sustainability goals.
When is the construction of the solar farm expected to begin?
Construction is anticipated to start in 2024.
What is the total investment amount for the solar farm?
The total investment is expected to be around EUR 106 million.
What growth does Ignitis Group aim to achieve in green capacities?
Ignitis Group aims to increase its green capacities to 4–5 GW by 2030, a significant increase from 1.3 GW in 2023.
Who can be contacted for more information regarding the project?
Paulius Kalmantas, Communications Partner at Ignitis Renewables, is the point of contact for inquiries.
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