Lithuania’s state-controlled energy group, Ignitis Group, announced Wednesday, February 25, 2026, plans to sell portions of its holdings in renewable energy companies, following a €120 million deal to sell 49% of Vilnius Combined Heat and Power Plant (VKJ) to Swiss fund Quaero Capital.
The sale to Quaero European Infrastructure Fund III marks a significant move for Ignitis Group, which intends to continue divesting up to 49% of its assets, according to Jonas Rimavičius, the group’s financial director and board member. “We plan to continue selling 49% of our asset shares, but that doesn’t mean we will do it at any price. We will only do it for an attractive price, as in this case,” Rimavičius told investors.
Ignitis Group initiated the process of selling minority stakes in VKJ and other renewable energy companies in May 2024, after completing construction of the VKJ biofuel block. The company intends to reinvest the capital generated from these sales into further development of green energy capacity and networks, stated Darius Maikštėnas, chairman of the Ignitis board.
“We will apply the capital attracted during this transaction to further develop green capacity and networks, while also having a positive impact on the group’s financial leverage ratios,” Maikštėnas said during a presentation to investors. Rimavičius added that the proceeds from the VKJ sale would not be used to pay down existing debts. “We do not believe we will use the funds received to repay existing debts,” he said.
The move underscores Ignitis Group’s strategy of portfolio rotation to optimize its asset base and fund future growth.
Separately, a 65-megawatt battery park in the Trakai district joined the balancing market on Tuesday, February 24, 2026, according to reports. The system, installed by E energija, represents the largest commercial energy storage facility currently connected to the Lithuanian grid.
