Danish developer European Energy has secured €145 million in long-term financing from SEB Lithuania and Swedbank Lithuania to support a renewable energy portfolio in Lithuania, including wind, solar and battery storage projects, the company said.
The funding package will cover the 60MW Telšiai 1 and Telšiai 2 onshore wind farms, the 78.5MW Anykščiai solar park, and a new battery storage facility to be co-located with the solar installation.
The hybrid project is expected to generate approximately 0.5 terawatt-hours of electricity annually, which the company estimates is equivalent to around 4% of Lithuania’s total electricity consumption.
“As we move into the next phase of our green transition, we are pleased to receive strong support from ambitious financial institutions such as SEB and Swedbank,” said Jens-Peter Zink, deputy CEO of European Energy. “Adding battery storage to our portfolio in the Baltics strengthens the resilience of our renewable energy production, supporting true energy independence and contributing to the fight against climate change.”
Lithuania has identified renewable energy as a strategic priority, aiming to meet 100% of its electricity needs from renewable sources by 2030.
The banks involved highlighted the strategic significance of the investment for national and regional energy security.
“Investments of this scale play a vital role in strengthening the country’s energy independence, and it is important for SEB to be a reliable partner in driving the green transformation,” said Tadas Jonušauskas, head of corporate banking at SEB Lithuania.
Swedbank’s head of corporate division, Ignas Mačeika, added: “Swedbank is committed to supporting the development of renewable energy infrastructure across the Baltics. Our latest co-operation with European Energy strengthens regional energy security.”
European Energy has so far developed approximately 450MW of renewable energy capacity in Lithuania. The company currently has about 200MW of additional solar and storage capacity under construction in the country.
