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Sorainen and TGS Baltic Advise on Ignitis Group’s Acquisition of Three Wind Farm Projects in Latvia

Sorainen and TGS Baltic Advise on Ignitis Group’s Acquisition of Three Wind Farm Projects in Latvia

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Sorainen has advised the Ignitis Group on the acquisition of three wind farm projects in Latvia. TGS Baltic advised the unidentified seller.

Ignitis' acquisition was carried out through its subsidiary, Ignitis Renewables.

According to Sorainen, the wind farms will be constructed between 2024 and 2025 with a total capacity of 160 megawatts, while the commercial activity of the wind farms is expected to commence between 2025 and 2027. According to the firm, the company promised to invest a total of EUR 200 million in the projects. In addition, the firm reported that the acquisition price will not exceed 10% of the total investment amount. Furthermore, according to the firm, this acquisition is a part of Ignitis Group’s Green Generation project, which aims to have the company reach 4 gigawatt installed capacity by 2030.

Finally, according to Sorainen, “the signed agreements stipulate that the sellers will have to develop the power plant projects before the construction stage and that, after obtaining the building permits, they will have to transfer the shares to Ignitis renewables.”

Sorainen’s team consisted of Lithuania-based Partner Sergej Butov and Latvia-based Senior Associate Viktorija Smirnova-Cerkasa.

TGS Baltic’s team included Senior Associate Armands Masulis.