Through Ignitis Renewables, a subsidiary, Ignitis Grupe AB, a Lithuanian energy business, announced on Friday that it has reached an agreement to acquire an unnamed company that is building a 137-MW wind project in Poland.
Ignitis Renewables will buy all of the stock of the firm building the 137 MW Silesia 2 onshore wind farm in Poland under the terms of the agreement.
With the purchase price and building costs included, the total upfront investments come to almost €240 million. The finished wind farm will run under market circumstances.
With a projected COD in the second half of 2024, the project is now in an advanced stage of development.
A long-time partner of Ignitis Renewables, the multinational wind farm manufacturer Nordex, will supply the turbines for the new wind farm.
Additionally, Silesia 2 is close to Silesia 1, another Ignitis Renewables wind farm project that is still under development, allowing for project synergies.
The transaction is anticipated to be closed during the coming few days.
The acquisition represents a significant advancement in the Ignitis Group’s strategy-defined goal of installing 4 GW of green energy capacity by 2030.
Ignitis Group now runs a 1.2 GW portfolio of green energy, and it has about 2.5 GW worth of renewable energy projects in the works, including Silesia 2.
“Silesia 2 will help us improve our position in the neighbouring markets even further and bring us even closer to the target set in the Ignitis Group’s strategy of reaching 4GW installed green generation capacity by 2030,” said CEO of Ignitis Renewables Thierry Aelens.
“I am grateful to our Lithuanian and Polish colleagues for concluding yet another transaction which is significant to the entire Group.”