Ignitis Renewables investing EUR 106 million in Latvia

Lithuania-based Ignitis grupė, through its subsidiary Ignitis Renewables, has made a final investment decision to develop a 174 MW solar farm in Tume, Latvia. The decision followed approval by the Group’s Management Board on September 3. The project, located in Tukums municipality, is expected to supply electricity to 85,000 people annually. Construction is set to begin in 2024, with commercial operations slated for 2026. The total investment is projected to reach up to EUR 106 million. As per Ignitis, this solar farm marks its third project in Latvia, alongside the 94 MW Varme and 145 MW Stelpė solar power plants. Despite the substantial investment, the Group claims that this will not affect its 2024 adjusted EBITDA and investment guidance.