Ignitis Renewables

The international energy company “Ignitis Renewables”, which operates in the Baltic States and Poland and, since 2022, has been implementing ambitious renewable energy projects in Latvia while purposefully building its presence in the region. 

Currently, the company is already producing electricity in three industrial-scale solar parks in Latvia, with total investments amounting to 170 million euros. Their combined installed capacity reaches almost 240 megawatts, making them the largest solar parks producing electricity in the country. The annual amount of electricity produced by these parks is equivalent to the average consumption of approximately 97,000 households. 

The company’s next-largest project in Latvia is the Tume solar park, which is currently under construction. Investment in the development of this park reaches 106 million euros, and production is planned to begin in the summer of 2026. 

This park also marks a new technological stage in the development of Latvian solar energy – it will use solar tracking panels that adapt to the movement of the sun throughout the day. It allows to produce more electricity in the morning and evening, increasing efficiency by about ten percent.

The Tume park will be able to produce electricity equivalent to the annual consumption of 83,000 households and will occupy approximately 300 hectares. 

When assessing Latvia from an investor’s point of view, Baiba Lāce, Head of “Ignitis Renewables” in Latvia, highlights several key competitiveness factors: relatively low land prices, low population density, and significant potential for renewable resources. “The potential for renewable energy production in the Baltic region is almost seven times greater than what we would need for our own consumption,” she points out. “In the long term, this opens up the possibility of viewing electricity as an export commodity to other countries where there is a shortage of electricity.” 

“Ignitis Renewables” presence in Latvia means not only capital investments but also job creation and the involvement of local companies. The company has grown from a small team to more than 60 employees within a few years and is currently actively building its own maintenance and operations team. 

By 2030, “Ignitis Renewables” strategic goal is to reach 4–5 gigawatts of installed capacity in the Baltic States and Poland, developing not only solar energy but also wind power and electricity storage solutions. 

In Latvia, several wind energy projects are currently at various stages of development – from environmental impact assessments to detailed financial modeling.