QAZAQ GREEN. Ignitis Renewables, a leading international green energy company operating in the Baltic states and Poland, has made the final investment decision on its 239 megawatt (MW) solar portfolio in Latvia, the largest of its kind in the Baltic states, with construction works to commence in the first quarter of this year. This decision marks a significant milestone in the region’s journey towards decarbonisation and energy security and reaffirms Ignitis Renewables’ commitment to creating a green and secure energy ecosystem, according to the company.

“Latvia is a part of our home market, where Ignitis Renewables is actively expanding its activities and sees great growth opportunities. A third of our total project pipeline is in Latvia. The decision to move forward with construction marks an important step in our expansion within the Baltic states and its broader strategy for green energy development,” stated Thierry Aelens, CEO at Ignitis Renewables.

He emphasises the strategic importance of this development. “This investment decision aligns perfectly with our mission to expand our green generation segment. These projects in Latvia are pivotal for our progress towards our goal to install 4–5 gigawatts (GW) of green generation capacities by 2030,” he stated.

This portfolio comprises three separate solar power plants in Latvia, a 94 MW Vārme solar project and a 145 MW Stelpe solar project, consisting of two stand-alone developments. In total, the installed capacity of the planned solar parks should reach up to 239 MW. This will be enough to cover the electricity demand of around 100,000 households in Latvia per year. With grid capacity fully secured for these installations, the projects are poised to significantly bolster the renewable energy production in the region.

The Vārme solar power plant will be in Vārme parish, Kuldīgas county, while the Stelpe power plants will be in Barbele and Stelpe parishes, Bauskas county. The construction of the solar power plants is expected to commence in in the first quarter of 2024, with completion and commercial operation scheduled for 2025. Additionally, wind hybridisation options have been identified for all solar power plants, aiming to utilise the same grid connection points.

The total investment for this ambitious initiative is estimated at up to EUR 178 million, encompassing both construction and project acquisition costs. Within the coming years, Ignitis Renewables is planning to invest around EUR 700 million in Latvia. Most of the investments will be directed towards renewable energy projects.