Citadele Bank, based in Latvia, has provided EUR 19.8 million (USD 21.5 million) in debt financing to facilitate the development of a portfolio of solar parks in Lithuania, the bank announced on Tuesday.
The recipient of this financing arrangement is Estonian renewables developer Evecon, which plans to utilize the funds for the construction of photovoltaic (PV) plants in Birzai and Jurbarka, located in northern and western Lithuania respectively.
Upon completion, these solar parks are poised to become significant contributors to Lithuania's energy landscape, catering to both business clients and the public sector. The Jurbarka plants will predominantly supply electricity to corporate entities, whereas the installations in Birzai will serve public institutions, including the Presidency of the Republic of Lithuania, Vilnius University, and various municipal establishments.
Evecon has demonstrated a robust track record in the renewable energy sector, having deployed over 220 megawatts (MW) of solar PV capacity since 2020. Currently, the company has an additional 200 MW portfolio under construction. Moreover, Evecon's development pipeline in the Baltic States encompasses various renewable energy projects, including solar, wind, storage, and hybrid parks, totaling over 4 gigawatts (GW).
