Ignitis renewables, subsidiary of Ignitis Group, has signed an agreement to acquire a portfolio of solar parks in Poland from the solar developer Sun Investment Group (SIG).

Under the agreement, SIG will develop a turnkey portfolio of solar park projects with a total capacity of 170MW between 2021 and 2023. Revenues from these projects will be secured by 15-year contracts-for-difference under the Polish auction mechanism.

The solar parks will produce about 190,000 MWh of electricity annually, supplying energy for more than 79,000 Polish households and reducing the annual CO2 emissions by about 156,000 tons.

Darius Maikšt?nas, chairman of the Board and CEO of Ignitis Group, 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.”

Deividas Varabauskas, CEO of Sun Investment Group, 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.”

SIG group of companies is one of the largest developers of solar projects in Poland and has developed and built solar projects in Europe with the capacity of 132MW.

Ignitis renewables manages renewable energy projects in the Baltic States and Poland and is responsible for the operation of existing wind farms, the maintenance of existing parks and the development of new ones.