Lithuanian-based Ignitis Renewables has inked a significant project financing agreement totaling €64 million with the European Investment Bank (EIB) and the Nordic Investment Bank (NIB) for the development of the 63MW Mažeikiai wind farm in Lithuania.
Both the EIB and NIB have extended loans amounting to €32 million each, underlining their commitment to advancing renewable energy initiatives. The financing arrangement spans a 12-year term and encompasses approximately 75% of the total investments required for the Mažeikiai wind farm project. In a pivotal role, Citi will serve as the agent, security agent, and account bank throughout the transaction.
See also: Ignitis Group to Acquire 300MW Onshore Wind Project in Lithuania
Commenting on the collaboration, Ignitis group Chief Financial Officer Jonas Rimavičius remarked, “By leading the regional energy transition in Lithuania and the Baltics, we strive to create a 100% green and secure energy ecosystem. This will not be possible without the support of leading European financial institutions, hence we are grateful for the reliable cooperation with the EIB and NIB, which is vital for the success of our renewable energy projects.”
EIB Vice-President Thomas Östros, overseeing operations in Lithuania, expressed satisfaction with the agreement, stating, “The EU bank is delighted to sign this significant loan agreement, which will support the deployment of new renewable energy capacity in Lithuania. In addition to promoting energy independence, we are proud to contribute to Lithuania's transformation into a low-carbon economy on its path to climate neutrality.”
See also: Ignitis Group to expand Kruonis Pumped Storage Hydroelectric Power Plant with a fifth unit
NIB President and Chief Executive André Küüsvek emphasized the role of long-term financing in accelerating Lithuania's sustainable energy production. He said, “As Lithuania is rapidly building up its sustainable energy production, our long-term financing for wind farm developments continues to speed up this journey. To unlock the full potential of renewables in our region, we look forward to accelerating further generation and transmission developments.”
