LONDON, UK: Management Board of AB Ignitis grupė has approved the decision to establish a new subsidiary of UAB “Ignitis renewables” in Latvia.

Latvia is a strategically important market to the Group, which is growing its Green Generation portfolio consistently. On 13 August 2021 the Group announced about the acquisition of three wind farm projects in Latvia.

It is estimated that, after the new company is established, a simpler, faster and more effective way of operating in the Latvia’s renewables market would be created, which would strengthen the Group’s ability to develop its Green Generation portfolio.

Ignitis Renewables would own 100% of shares of the company established in Latvia.

The Group reminds that the objective to consistently expand the Green Generation portfolio and reach 4 GW installed Green Generation capacity by 2030 is set out in its strategy.