Lithuanian government-owned utility and renewables developer Ignitis Group has acquired a Latvian renewables firm which is growing a 200MW wind and photo voltaic undertaking within the nation.
Ignitis has acquired 100% of the shares within the unnamed firm by way of a €270 million (US$268 million) funding, which incorporates the undertaking acquisition worth and different capex prices and is topic to improvement milestones.
The undertaking, which additionally had not been named, is within the early stage of improvement with estimated begin of building in round 2025–2026 and industrial operation date in round 2027–2028.
Ignitis estimated that its anticipated return on funding could be within the “excessive single-digit to low double-digit” vary on a levered fairness foundation.
The corporate, which in November final yr purchased a number of Polish PV builders for US$57 million, is aiming to achieve a 4GW portfolio by 2030.
The yr earlier than, it bought but extra photo voltaic vegetation in Poland with a mixed capability of as much as 170MW from developer Solar Funding Group (SIG) earlier than happening to boost €450 million in an preliminary public providing, with the corporate now buying and selling on each the Fundamental Buying and selling Record of Nasdaq Vilnius and the Fundamental Market of the London Inventory Change.