Ignitis Group, a renewables-focused integrated utility, is accelerating its investments and plans to double its Green Capacities by 2027. Building on the ongoing energy transition, the Group aims to deliver the benefits of renewable energy to its customers in the Baltics and Poland.
The company announced a Strategic Plan 2024–2027 with an emphasis on further investment growth, focused on development of green generation and green flexibility capacities as well as expansion of the distribution network to enable green transition and cope with the increasing electrification of various sectors.
“We are at the forefront of a historic transition of the energy sectors in our home markets and a significant driving force behind these changes. While taking advantage of any emerging opportunities, we also remain committed to our purpose to create a 100% green and secure energy ecosystem for current and future generations. In line with our strategy, we are steadily expanding our Green Capacities, which are the main enablers of a climate-neutral energy system,” says Darius Maikštėnas, CEO of Ignitis Group.
The key highlight of the strategic plan is the significant increase in investments planned for the 2024–2027 period. By 2027, the total investments should reach EUR 3.0–4.0 billion, which is an increase of around EUR 1 billion compared to the previous 4-year strategic period.
61% or EUR 1.1–1.3 billion of the investments will be dedicated to expanding the green generation and green flexibility technologies. The remaining 33% (or EUR 1.1–1.3 billion) will be directed towards developing the electricity distribution network in Lithuania.
2/3 of the investments will be allocated to green technologies, i.e. onshore and offshore wind, solar, battery energy storage systems (BESS), pumped storage hydro and #power-to-X. Ignitis is aiming to build at least 2 offshorewind projects in the Baltics. The remaining 1/3 will be allocated to the distribution grid in Lithuania.
Currently, the Group’s Green Capacities portfolio amounts to 7.4 GW with 2.9 GW already secured. By 2027, Ignitis Group aims to achieve a total installed capacity of 2.4–2.6 GW, representing a two-fold increase from 1.3 GW in 2023.
A major component of this growth will be related to developing onshore wind farms across the Baltics and Poland, targeting a capacity of at least 700 MW by 2027.
The Group also plans to continue developing complementary technologies, including solar, where they add value. The target is reaching a total installed solar capacity of around 400 MW by 2027.
To meet these targets, Ignitis Group is expanding its renewable energy branch and is expecting to increase the number of employees at Ignitis Renewables 3.5 times by 2027.
Source: Ignitis
