Lithuanian Ignitis Renewables to invest in Latvia's solar energy

The renewable energy company “Ignitis Renewables”, part of the Lithuanian energy group “Ignitis Group”, will invest some EUR 178 million in the creation of a solar portfolio in Latvia, the company representatives told LETA February 20.

The construction of three solar farms in Latvia is initially envisaged, including the 94 megawatt (MW) Vārme solar project in the municipality of Kuldīga and the 145 MW Stelpe solar project, which consists of two separate objects, in Bauksa municipality.  Construction of solar farms is scheduled to begin in the first quarter of 2024, but their completion and commissioning is scheduled for 2025.

At the same time, wind hybridization options have also been identified for these planned solar farms to use the same network connection points in the future, the company said.

Thierry Aelens, CEO of Ignitis Renewables, notes that the decision to start construction of solar farms in Latvia is an important step towards the expansion of Ignitis Renewables in the Baltic States and a broader strategy for renewable energy development.

Over the next few years, Ignitis Renewables plans to invest approximately EUR 700 million in Latvia. Most of the investment will go towards renewable energy projects.

“Ignitis Renewables Latvia” Ltd was registered in Latvia in 2022. The company's share capital is two million euros and Ignitis Renewables is its sole owner, according to Firmas.lv.

Source: Eng.LSM.lv (Latvian Public Broadcasting)
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