Lithuanian Ignitis plans big investments in Latvian energy sector

The Lithuanian energy company Ignitis Group has come up with ambitious investment plans in Latvia. In the coming years, it plans to invest at least €700 million in solar and wind energy production. Ignitis also aims to create the largest car charging network in the Baltic States, Latvian Television reported on March 21.

Lithuania's largest energy company, Ignitis Group, invested €522 million in green energy last year. 80% was invested in Lithuania but the company also operates in Finland, Estonia, Latvia, and Poland.

“We plan to invest around €700 or more million in Latvia in the coming years. Mostly in the wind and solar power generation, to offer the environment and the public the lowest energy prices in the region,” said Darius Maikštėnas, chairman and CEO of Ignitis Group Board.

“Ignitis” also aims to create the largest car charging network in the Baltic States. “We believe it is important for the Baltic States to have a strong network for car charging. We will have several thousand charging points in Latvia as well,” Maikštėnas said.

Production in future investment projects – in solar and wind parks – is expected to start from 2025, with energy produced increasing to 2.5 gigawatts in 2030.

“About one-third of our development portfolio is in Latvia because we believe that Latvia has strong potential to produce much more green energy,” said Ignitis Group CEO. 

The Ignitis Group also said that their medium and long-term plans involve not only investment inr the domestic consumption of the Baltic States, but also in electricity exports to Western Europe.

Authors: Eng.LSM.lv (Latvian Public Broadcasting), Zanda Ozola-Balode (Latvian Television)