Lithuanian energy company Ignitis Group is expanding its operations in Poland, where it will acquire 100% of the shares in unnamed companies developing solar projects for €50m.
The projects to be acquired currently are in various stages of development, with the commercial operations dates estimated around 2022–2023.
They will operate under a Contract for Difference (CfD) awarded by the Polish regulator or long-term power purchase agreements (PPA).
Closing of the transaction will be subject to the performance of the conditions provided in the agreement, including the obligation of the selling party to develop, construct, secure CfD or PPA and prepare the solar power plants for commercial operations.
The payment of the acquisition price will depend on the achievement of development stages and the awarded CfD size, as established in the agreement.
Ignitis Group chief executive Darius Maikstenas said: “Poland is one of the priority markets of the Group, where we plan a consistent expansion and are constantly looking for attractive Green Generation projects that have potential.
“The investment into solar power plants developed in Poland will allow us to keep increasing Green Generation capacity and reach 4GW of installed green generation capacity by 2030 set out in the strategy of the group.”