Lithuania's Ignitis Group could invest 213 mln euros in purchase, construction of solar farms in Latvia

VILNIUS. Dec 29 (Interfax/BNS) - Lithuania's Ignitis Renewables, part of Ignitis Group, an energy company controlled by the government, is purchasing a company that engages in projects in the sphere of solar power in Latvia, Ignitis Group said in a statement.

Ignitis Renewables signed the agreement to purchase 100% of the shares of the Latvian company on Thursday. The company's name has not been specified. The preliminary overall volume of investments is to total up to 213 million euros and includes the price of purchasing the asset and other investment costs.

Solar farm projects are in the development stage, and construction is expected to begin in 2024 and commissioning to take place in 2025. Their overall capacity should reach 300 megawatts.

This is not Ignitis Group's first deal in Latvia. It recently rented a plot of land for a wind farm in the country from Sweden's Sodra Group, and it purchased 100% of the shares of an unnamed Latvian company developing a wind and solar farm project with a capacity of 200 MW at the beginning of September.

Ignitis Group's principal shareholder is the Lithuanian government through the Finance Ministry with 73.08%. The free float is 26.92%. The holding operates in Lithuania, Latvia, Estonia, Poland, Finland, and a number of other countries.