Ignitis Group gets 170MW Polish solar portfolio

Sep 18, 2020 11:26 AM ET
  • Lithuanian state-owned power business Ignitis Group has actually signed an agreement to get solar parks in Poland with a total capacity of up to 170MW from programmer Sun Investment Group (SIG).
Ignitis Group gets 170MW Polish solar portfolio
Image: Ignitis Group

The bargain, which has actually been performed via the Ignitis Renewables subsidiary, represents the largest solar park deal in Central Europe this year, the firms claimed.

SIG is due to complete the turnkey profile of projects in the south of Poland between 2021 and 2023, with each plant eligible for a 15-year support device to make certain the security of power rates. The parks are anticipated to produce around 190GWh of electricity each year.

The offer adheres to the announcement last year that SIG plans to construct a 600MW solar pipe in Poland. The company is currently establishing greater than 1GWp of PV projects in the Baltics, Italy and Spain.

" The arrangement with a global power business Ignitis Group verifies that we are dramatically adding to the development of environment-friendly power in Europe," Deividas Varabauskas, SIG CEO, claimed.

While the primary vehicle driver of Poland's recent solar growth has actually been small self-consumption, a current report from the nation's Institute of Renewable Energy says utility-scale PV projects granted contracts in public auctions held in 2018-19 will start to find on stream following year, assisting move the market to a projected 7.8 GW by 2025.

Ignitis align IPO to spur renewables development

For Ignitis, the purchase comes a week after it revealed strategies to wage an initial public offering (IPO) in Vilnius, Lithuania, and also London in October. The firm intends to have a totally free float of 25 - 33.33% of its issued share funding, while Lithuania's Ministry of Finance will remain the controlling shareholder with a minimum of 66.67%.

Part of the profits from the listing are meant to help the business increase its renewables ability from its existing 1.1 GW degree to 1.6-- 1.8 GW by 2023 and also ultimately 4GW by 2030.

Lithuanian financing priest Vilius Šapoka said the intended IPO stands for an "exciting chapter" in the growth of the country's economy. "An IPO of Ignitis Group would provide the financial investment needed to make certain both Lithuania's and the larger Baltic region's power protection and also to aid achieve the decarbonisation targets of these nations over the coming years. Additionally, it would certainly strengthen and enhance the liquidity of our funding markets, drawing in fresh capital right into our vibrant economy."

Solar Installers, Manufacturers