Ignitis Group has signed an agreement to acquire an up to 300MW onshore wind development project in Lithuania.
Ignitis Group and its subsidiary Ignitis Renewables has signed a conditional sale and purchase agreement with UAB E Energija for the acquisition of 100% of the shares in its two companies developing an onshore wind farm in the Kelmė district.
The expected investments, including the acquisition price and construction costs, should reach around €550m.
The first phase of the project has entered the construction stage and the second phase is in an advanced development stage.
The commercial operations date of the site is estimated for 2025 and the wind farm will operate under market conditions.
After the transaction is closed, Ignitis Renewables will manage the construction of the project.
The transaction is expected to be closed by Q4 2023.
The potential acquisition does not change Ignitis Group’s Adjusted EBITDA guidance.