Lithuania's Ignitis scraps deal to buy 170-MW PV portfolio in Poland
Image by Pixabay
The renewables arm of Lithuanian energy company Ignitis Grupe AB has canceled an agreement for the acquisition of up to 170 MW of under-development solar projects in Poland, reported energy portal Renewables Now.
The conditional deal between Ignitis Renewables and development and investment management company Sun Investment Group (SIG) was initially announced in September 2020 and has been terminated upon mutual consent, the Lithuanian company said on Monday.
The reason for the move is that none of the projects in the portfolio succeeded in securing Contracts for Difference (CfDs) in the latest Polish auctions.
According to Ignitis, the investment return from the portfolio does not fit its target range for a high single-digit to low double-digit return.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.