Here comes the sun: Lithuania pours millions into Polish solar energy
The investment will help Poland meet EU energy requirements.
Lithuania’s Sun Investment Group is set to invest 200mln euros into Poland’s solar market.
The company which has its main office in Vilnius is about to finalize a loan agreement which will finance 11 photovoltaik projects with a capacity of 1 MW each.
CEO of the Sun Investment Group, Deividas Varabauskas told The First News: “The first phase of the project has already begun, currently we are in the final stage of connecting the photovoltaic plant in Gralewo (Warmińsko-Mazurskie Voivodship) to the electricity grid. The Gralewo plant will produce around 1040 MWh annually and is the first of 43 solar PV plant portfolios to be constructed in Poland by the end of June, 2019.”
The Sun Investment Group, which operates in Poland through a joint venture group established with investors from Lithuania and Spain, is the largest player in Poland’s solar energy sector after it acquired the 43 Polish solar power projects. \
The Polish market is considered a niche market when it comes to renewable energy which is why the Lithuanian businessmen see themselves as long term investors in Poland.
The investment will significantly help Poland meet the EU’s requirement for 20% of total power to come from renewables by the end of this decade.