The supervisory board of Estonian developer Enefit Green has approved the company’s plan to quadruple its installed renewable energy capacity over the next five years.
Details are included in Enefit’s updated strategy until the end of 2026, which envisages current installed production capacity of 457MW rising to 1.9GW by the end of 2026.
The previous strategy stipulated the addition of 600MW of new wind and solar capacity to take installed capacity to 1.1GW by 2025.
In addition to the wind and solar parks under construction, with a total capacity of 226MW, the company will build approximately 600MW of wind capacity in Estonia and Lithuania and 600MW of solar capacity in the Baltics and Poland by the end of the strategy period.
Enefit Green will also continue with the long-term development portfolio, which will be realised after 2026.
According to the updated strategy, Enefit Green will invest €1.5bn during the period 2022-2026.
Investments will be financed by debt and operating cash flow.
Enefit Green chairman Aavo Karmas said: “We are certain that renewable energy based electrification is an important precondition for green transition.
“Faster adoption of green energy will lead us to a carbon-neutral way of life. All our home markets, from Finland to Poland, are craving more renewable energy so that energy consumption would become more affordable and the need for fossil fuels would be reduced.
“We see additional investment and development opportunities for construction of new wind and solar farms at an even faster pace than before.
“This allows us to grow our production capacity fourfold.
“The increase in Enefit Green’s production allows clients to sign long-term PPAs and to transition to affordable green energy consumption.
“Investors will be able to participate in our growth story and we intend to stick to our current dividend policy.”