Sun Investment Group starts strong in Lithuania
Up until 2009 solar power stations in Lithuania used to be autonomic, built independently from the country’s electrical network. It was installed on the rooftops of various buildings such as summerhouses, farms, and telecommunication objects away from the big cities.
In September 2009 National Control Commission for Prices and Energy made a decision to promote solar energy with a high tariff for this type of renewable energy sales. The problem was that there was no fixed duration for the tariff and starting a solar business was a high risk with a massive investment and long payback time.
In 2011 a new law for renewable energy was adopted which offered much better terms for the solar energy development in Lithuania. An inviting tariff was set for 12 years, expecting the investors to get the payback for the solar power station in the first 10-12 years and for the next 8-12 years, until the end of the project maintenance, to profit.
Sun Investment Group did not miss the opportunity to start a solar energy business in Lithuania. At the end of 2011 the group finalized the development of its first 20 solar projects with aggregated capacity of 600kW, thus becoming one of the first developers in Lithuania to develop projects under the newly approved renewable energy law. In 2012 the portfolio of 20 projects was successfully sold using the EPC contract.
After such a strong start, SIG continued its growth by finalizing the development of more than 300 solar projects in Lithuania that have secured a Feed-in Tariff of 0.41 Eur/kW for the upcoming 12 years.
In 2013 SIG concluded the construction of additional 47 solar projects in Lithuania with combined capacity of almost 1.5MW. Due to the cancellation of new projects by the new amendments in the renewable energy law, SIG exited the country’s market and started to look for new global opportunities in the solar energy field.