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Ignitis Group Greenlights 174 MW Solar Project in Latvia

Ignitis Group Greenlights 174 MW Solar Project in Latvia

Ignitis Group Approves Major Solar Initiative

AB “Ignitis grup?” has taken a significant step forward in its renewable energy goals by approving a major investment in a 174 MW solar farm, which will be developed by its subsidiary, UAB “Ignitis renewables.” This decision is a crucial part of the Group's efforts to enhance its green energy portfolio.

Overview of the Tume Solar Farm Project

The Tume solar farm, situated in Latvia, is poised to transform the energy landscape in the region. With an ambitious capacity target of 174 MW, this project is aligned with the Group's long-term vision for sustainability and is a vital move towards increasing the use of renewable energy sources.

Timeline for Construction and Investment Details

Construction of the Tume solar farm is expected to commence in 2024, with the official commercial operation date (COD) anticipated in 2026. The total investment for this project is projected to be around EUR 106 million, reflecting the Group's strong commitment to clean energy initiatives.

Enhancing Green Energy Capacities

This solar farm is part of Ignitis Group's larger strategy to significantly boost its green energy capacities. The Group has set a goal to elevate its renewable energy output from 1.3 GW in 2023 to an impressive 4–5 GW by 2030. This target highlights Ignitis Group's dedication to environmental sustainability and its leadership role in the renewable energy sector.

Implications for Future Financial Guidelines

The announcement of the Tume solar project does not impact the Group's Adjusted EBITDA and Investment guidance for 2024, indicating a solid foundation of financial management strategies currently in place.

Contact Information for Further Inquiries

For anyone looking for more information or clarification about the project, Paulius Kalmantas, the Communications Partner at Ignitis Renewables, can be contacted 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 main aim is to significantly enhance renewable energy capacity while supporting Ignitis Group's sustainability objectives.

When is the construction of the solar farm expected to begin?

Construction is expected to start in 2024.

What is the total investment amount for the solar farm?

The total investment is projected to be approximately EUR 106 million.

What growth does Ignitis Group aim to achieve in green capacities?

Ignitis Group aims to expand its green capacities to 4–5 GW by 2030, a substantial increase from 1.3 GW in 2023.

Who can be contacted for more information regarding the project?

Paulius Kalmantas, the Communications Partner at Ignitis Renewables, is the designated contact for inquiries.

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