Ignitis Group, a multi-utility conglomerate operating in the Baltic region, plans to double its green generation capacity by 2027 and accelerate its investment plans, the company said in a press release.

It was reported that according to the updated strategy for 2024-2027, the group plans not only to further increase new investments, but also to develop green and flexible generation capacity and expand the distribution network.

“By 2027, the group’s capital expenditures should be between €3 billion and €4 billion, an increase of about €1 billion compared to the previous 4-year strategy. More than 60 percent of the funds will be allocated to the development of green and flexible capacity,” – they wrote.

“We are in the midst of a historic transformation of the energy sector in our local markets and a significant driver of this change. At the same time, we remain committed to our goal of creating a 100 percent green and safe energy ecosystem for current and future generations,” – Group CEO Darius Maikštenas, quoted in the press release, said.

It was reported that the Group aims to deliver 4-5 GW of green installed capacity by 2030, focusing on green and flexible technologies, including onshore and offshore wind, energy storage, pumped storage and power-to-x.

It was pointed out that the Group’s current portfolio of green power projects amounts to 7.4 GW, of which 2.9 GW are already secured. By 2027, Ignitis Group aims to reach a total installed capacity of 2.4-2.6 GW, double from 1.3 GW in 2023.

“The development of onshore wind farms in both Poland and the Baltics will contribute primarily to the growth of our generation capacity. Their target capacity will be at least 700 MW by 2027, and we also plan to significantly increase the amount of electricity supplied from 6.7 TWh last year to 9.0-11.0 TWh. Thus, we expect that by 2027. 30 percent of the electricity we supply will come from renewable energy sources. In pursuit of our strategic goals, we also expect to more than triple the number of employees at Ignitis Renewables,” said Maciej Kowalski, CEO of Ignitis Poland and Ignitis Renewables Poland.

It was reported that according to the strategic plan, the Group’s adjusted EBITDA in 2027. should be around €550-650 million, compared to €484.7 million in 2023. The Group also expects to maintain a credit rating of “BBB” or higher from 2024 to 2027.

At the same time, in the first quarter of 2024. The Group’s adjusted EBITDA amounted to €181.7 million (+21.2 percent year-on-year). Growth was recorded in all business segments, with the exception of Reserve Power. Ignitis Group also increased its portfolio of green power projects to 7.4 GW (from 7.1 GW) and installed capacity to 1.4 GW (from 1.3 GW). The secured power amounted to 2.9 GW.

Ignitis Poland is part of the Lithuanian energy group Ignitis, which operates internationally and is one of the largest multi-utility concerns in the Baltic Sea region. The Group is also present, through its companies, in Latvia, Estonia and Finland, and invests in energy start-ups in the UK, France, Sweden, Norway and Israel.

Source: PAP Biznes