The solar portfolio is expected to generate enough electricity to power more than 79,000 Polish homes


Ignitis Group to acquire solar portfrolio from SIG. (Credit: Ignitis Group.)

Ignitis renewables, a subsidiary of Ignitis Group, has agreed to acquire a solar portfolio with 170MW of capacity in Poland from solar developer Sun Investment Group (SIG), for an undisclosed amount.

As per the agreement, between 2021 and 2023, SIG, a European solar plant developer, will develop the turnkey portfolio of solar projects.

Revenue from the sale of power from the solar plants will be secured under 15-year contracts for difference under the Polish auction mechanism, Ignitis said.

The solar portfolio is expected to contribute to Ignitis’ target of 4GW of installed green generation capacity by 2030.

Ignitis Group CEO and board chairman Darius Maikštėnas said: “The development of green generation in home markets, amongst which is Poland, is one of the most important priorities of sustainable development at Ignitis Group. The agreement on the acquisition of solar power parks in Poland will strengthen the position in the rapidly growing renewable energy market of this country.

“The energy system of our neighbouring country is transforming – dependence on electricity generation from coal is being reduced and turning to green electricity.”

The 170MW solar portfolio will supply energy to over 79,000 Polish homes

The solar plants are expected to generate up to 190,000MWh of electricity annually, which will be supplied to more than 79,000 Polish homes, while avoiding 156,000 tons of carbon emissions annually.

Sun Investment Group CEO Deividas Varabauskas said: “We are glad to have concluded the largest solar park transaction in Central Europe this year. The agreement with an international energy company Ignitis Group proves that we are significantly contributing to the development of green energy in Europe.

“It also shows that international cooperation can meaningfully impact the progress towards European Green Deal – Zero Pollution and Carbon Neutral in 2050 targets.”

To date, SIG claims to have developed and built solar projects across Europe with a capacity of 132MW and is a major developer in Poland, with operations in Lithuania, Spain and Italy.

At present, the company is developing more than 1GW of solar projects in Europe.