Ignitis Renewables signed an agreement to acquire 100% of shares of the company developing an onshore wind farm in Poland. The total capacity of the wind farm Silesia II is up to 137 megawatts (MW). The project is currently at an advanced stage of development with an estimated completion in the second half of 2024.

The turbines at the new wind farm will be provided by a long-term partner of Ignitis Renewables, an international turbines manufacturer Nordex. Total preliminary investments, including the acquisition price and the construction cost, amount to around EUR 240 million. The completed wind farm will operate under market conditions. On top of that, Silesia II is in the vicinity of Silesia I, another under construction wind farm project of Ignitis Renewables, which enables synergies between projects.

“Silesia II will help us improve our position in the neighbouring markets even further and bring us even closer to the target set in the Ignitis Group’s strategy of reaching 4 gigawatts (GW) installed green generation capacity by 2030. I am grateful to our Lithuanian and Polish colleagues for concluding yet another transaction which is significant to the entire Group,” said Thierry Aelens, CEO of Ignitis Renewables.

The closing of the transaction is expected to take place over the next several days, no separate announcement will be made. The acquisition is a significant step forward towards the Ignitis Group‘s objective to reach 4 GW of installed Green Generation capacity by 2030 as set out in the strategy.

Ignitis Group is already operating 1.2 GW portfolio of green generation and has renewable projects pipeline of around 2.5 GW, including Silesia 2.