Ignitis Group and Sun Investment Group concluded the largest deal for development and acquisition of solar parks in Central Europe

An international energy company Ignitis Group is increasing the portfolio of projects of green generation. Ignitis renewables, subsidiary of Ignitis Group, signed an agreement to acquire a portfolio of solar parks in Poland from the solar developer Sun Investment Group (SIG). The total capacity of these projects will reach up to 170 MW.

Darius Maikštėnas, Chairman of the Board and CEO of Ignitis Group, said:

“The development of green generation in home markets, amongst which is Poland, is one of the most important priorities of sustainable development at Ignitis Group. The agreement on the acquisition of solar power parks in Poland will strengthen the position in the rapidly growing renewable energy market of this country. The energy system of our neighbouring country is transforming -  dependence on electricity generation from coal is being reduced and turning to green electricity”.

Under the agreement, in 2021-2023, Sun Investment Group, one of the 50 largest solar park developers in Europe, will develop a turnkey portfolio of solar park projects up to 170 MW. Revenues from these projects will be secured by 15-year contracts for difference under the Polish auction mechanism.

Deividas Varabauskas, CEO of Sun Investment Group, said:

“We are glad to have concluded the largest solar park transaction in Central Europe this year. The agreement with an international energy company Ignitis Group proves that we are significantly contributing to the development of green energy in Europe. It also shows that international cooperation can meaningfully impact the progress towards European Green Deal – Zero Pollution and Carbon Neutral in 2050 targets“.

Cutting-edge technological solutions applied in the solar parks will allow producing about 190 thousand MWh of electricity yearly, ensuring the energy supply for more than 79 thousand households in Poland and reducing the annual CO2 emissions by about 156 thousand tons.

Until now, SIG group of companies has developed and built solar projects in Europe with the capacity of 132 MW and is one of the largest developers of solar projects in Poland, also operating in Lithuania, Spain and Italy. SIG is currently developing over 1 GW of PV projects in Europe.

Ignitis renewables manages renewable energy projects in the Baltic States and Poland and is responsible for the efficient operation of existing wind farms, the maintenance of existing parks and the development of new ones. By implementing new wind and solar energy projects, the company is implementing the strategic goal of Ignitis Group to increase its green production portfolio. Ignitis Group targets 4 GW of installed green generation capacity by 2030 while creating value for shareholders.