The Lithuanian energy group Lietuvos Energija is set to expand its reach by building a wind farm in Poland.
Lietuvos Energija has agreed to acquire an as yet unbuilt wind farm project from Wento, a Polish company specialised in developing wind and solar power plants. Construction work on the 19 wind turbines will start in 2019 and operations are scheduled to begin in 2021.
“With this transaction Lietuvos Energija will take another step towards its objective – to hold 400 megawatts of green generation capacities in Poland and the Baltic states by 2020. The new wind power plant will strengthen the position of the group internationally and will help to diversify the generation portfolio,” said Darius Maikštėnas, CEO and chairman of the board of Lietuvos Energija.
According to Mr Maikštėnas, “Poland is a priority market for Lietuvos Energija Group. We are looking for major growth.”
A Lietuvos Energija Group company, wholesale energy retailer GetOn Energy, already operates in Poland.
The acquisition marks Lietuvos Energija’s second investment in the renewable energy sector in 2018. In August, the company agreed to acquire Vėjo Vatas and Vėjo Gūsis in Lithuania. With the completion of the transactions in Lithuania and completion of the wind farm project in Poland, Lietuvos Energija will have secured a wind portfolio of a capacity of about 125 megawatts.
Over the next 12 years, Lietuvos Energija Group is expected to invest six billion euros in its operations, the majority targeted at smart and green energy. As part of the company’s strategy, the group estimates that approximately 50 per cent of those investments are to be generated by green energy, in foreign markets and from commercial activities and unregulated activities.