Lithuanian energy provider Green Genius has secured permits and financing amounting to €179 million for the development of two solar projects in the Baltic states, with a combined capacity of 198.8 megawatts (MW).
The first project encompasses a 120.8 MW solar facility located near the city of Jekabpils in Latvia, requiring an investment of €109 million. The second project, situated near Seduva in Lithuania, has a capacity of 78 MW and necessitates an investment of €70 million. Green Genius anticipates commencing construction on both ventures in mid-2024, with commercial operations slated to begin in 2025.
Simonas Šileikis, Head of Solar Business at Green Genius, remarked, “The markets in the Baltic countries have reached a certain new stage of maturity when new opportunities to develop large-scale projects arise alongside the development of usual smaller-scale solar parks. Each of the large-scale projects will be of great importance in decentralising the energy sources and strengthening the energy independence of the entire region.”
Lithuania's solar sector, while modest, is on an upward trajectory, adding 313 MW of new solar capacity in 2022. This achievement is noteworthy when compared to other power sources; Lithuania generated approximately 2 gigawatts (GW) of electricity from fossil fuels in 2022, constituting around 40% of its total electricity supply. This is closely aligned with the 39% derived from renewable energy sources.
However, wind power dominates Lithuania's renewable energy mix, accounting for 50% of its renewable energy capacity, in contrast to solar's 35%. The country has set ambitious goals for further expanding its renewable energy capacity, with the 2023 draft of its updated National Energy and Climate Plan aiming for a 55% share of renewables in the total energy mix by 2030, surpassing the 42.5% target for the entire European Union.
In Latvia, renewables constitute a larger portion of the energy mix, comprising 64% in 2022. Yet, similar to Lithuania, solar power's contribution remains modest. The majority of Latvia's renewable power generation, 82%, comes from the hydropower and marine sectors, while solar accounts for a mere 3%.
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The solar sector in Latvia is gradually expanding, with the addition of 49 MW of new solar capacity in 2022. The involvement of private companies will play a pivotal role in realising these renewable energy ambitions.
This development follows investments made by renewables developer European Energy in solar power ventures in both Lithuania and Latvia, underscoring the growing interest in solar energy within the Baltic states.
