Lithuania’s Ignitis will invest up to €270 million ($273.8 million) to acquire an unspecified Latvian renewables company that owns the rights to develop a 200 MW hybrid wind-solar project at an undisclosed location in Latvia.

The acquisition price will be paid upon achievement of specific development milestones, Ignitis said in a statement. It noted that the project is still in the early stages of development, with the start of construction scheduled to start between 2025 and 2026, with completion set for no later than 2028.

Ignitis currently operates a 4 MW solar park in Obeniai, Lithuania. The total capacity will be increased to 7.4 MW this year, a company spokesperson told pv magazine.

Earlier this year, the company said that it is developing the first hybrid wind-solar project in Lithuania. It will build a 22 MW solar park next to a 10 MW wind farm which has been in operation for more than 10 years.

In July, Ignitis also secured a grid connection for a 252 MW solar park in Jonava district, Lithuania. Preliminary investments are estimated to reach up to €200 million.

In 2021, the company announced it had acquired 100% stakes in several Polish companies, with solar projects totaling 80 MW. The commercial operation dates of those installations are expected around this year and next. The revenue of the projects under development will be based on a contract for difference awarded in a Polish renewables auction, or under long-term power purchase agreements.

“We consider further expanding our projects in the Baltics as well as in Poland,” said an Ignitis spokesperson.