Lithuanian utility Ignitis Group announced today the final investment decision (FID) for a 239-megawatt peak (MWp) portfolio, comprising three distinct solar power assets across Latvia.
Construction on these sites is slated to commence in the coming year, with the commissioning expected by 2025, as indicated in an official statement by the company.
The grid connection for these assets has already been secured, with an additional option to introduce wind power to each of the three solar farms through hybridization.
The total investment for this solar capacity is anticipated to reach up to EUR 178 million (USD 194.5 million), encompassing construction expenses and project acquisition costs. Ignitis emphasized that this marks the largest FID for the construction of solar power plants in the Baltic states.
This move aligns with Ignitis Group's strategic goal, pursued through its subsidiary, of acquiring a Latvian company involved in the aforementioned portfolio in December of the previous year. The investment is part of the company's broader initiative to quadruple its green generation capacity to 4-5 gigawatts by 2030.
