Lithuania's Ignitis scraps deal to buy 170-MW PV portfolio in Poland

Green Energy

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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.

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