Renewables-focused integrated utility company Ignitis Group is accelerating its investments and plans to double its green capacities by 2027. Building on the ongoing energy transition, the group aims to deliver the benefits of renewable energy to its customers in the Baltics and Poland.
The company announced a new Strategic Plan 2024–2027 with an emphasis on further investment growth, focused on the development of green generation and green flexibility capacities as well as expansion of the distribution network to enable green transition and cope with the increasing electrification of various sectors.
“We are at the forefront of a historic transition of the energy sectors in our home markets and a significant driving force behind these changes,” said Darius Maikštėnas, CEO of Ignitis Group. “While taking advantage of any emerging opportunities, we also remain committed to our purpose to create a 100 per cent green and secure energy ecosystem for current and future generations. In line with our strategy, we are steadily expanding our green capacities, which are the main enablers of a climate-neutral energy system.”
The key highlight of the strategic plan is the significant increase in investments planned for the 2024–2027 period. By 2027, the total investments should reach 3–4 billion euros, which is an increase of around 1 billion euros compared to the previous 4-year strategic period.
Sixty-one per cent of the investments will be dedicated to expanding the green generation and green flexibility technologies. The remaining will be directed towards developing the electricity distribution network in Lithuania.
The Group is targeting to deliver 4–5 gigawatts (GW) of installed green capacities by 2030, focusing on green generation and green flexibility technologies, including onshore and offshore wind, battery energy storage system (BESS), pumped-storage hydro and power-to-X.
To meet these targets, Ignitis Group is expanding its renewable energy branch and is expecting to increase the number of employees at Ignitis Renewables 3.5 times by 2027.
In particular, the Group is implementing a pumped-storage hydro expansion project in Kruonis (Lithuania), which should be completed by 2026, adding 110 MW to the current 900 MW. The Group is also targeting commercial-scale batteries by 2027 and implementing a green hydrogen and e-fuel production pilot project.
By growing its customer portfolio and focusing on supplying green electricity, Ignitis Group expects to significantly increase the amount of supplied electricity, from 6.7 terawatt-hours (TWh) in 2023 to 9.0–11.0 TWh by 2027. Building a leading EV charging network in the Baltics will also be crucial and expanding across the public, commercial and home charging segments.