Ignitis plots Polish solar development

• Unnamed business developing PV projects in Poland to be acquired for EUR50m

Lithuanian energy company Ignitis Group is expanding its operations in Poland, where it will certainly acquire 100% of the shares in unrevealed firms developing solar projects for EUR50m.

The projects to be acquired presently remain in various phases of growth, with the industrial operations dates approximated around 2022-- 2023

They will run under a Contract for Difference (CfD) awarded by the Polish regulatory authority or long-term power purchase contracts (PPA).

Closing of the deal will certainly be subject to the performance of the problems supplied in the arrangement, consisting of the obligation of the marketing party to create, construct, safe CfD or PPA as well as prepare the solar energy plants for industrial operations.

The settlement of the purchase cost will certainly rely on the achievement of growth stages and the awarded CfD dimension, as established in the arrangement.

Ignitis Group chief executive Darius Maikstenas claimed: "Poland is among the concern markets of the Group, where we intend a consistent development and are constantly trying to find appealing Green Generation projects that have prospective.

" The investment right into solar energy plants established in Poland will permit us to maintain raising Green Generation capability and get to 4GW of installed eco-friendly generation capacity by 2030 laid out in the approach of the group."