International green energy company Ignitis Renewables has signed a project financing agreement for EUR 64 million with the European Investment Bank (EIB) and the Nordic Investment Bank (NIB) for the Mažeikiai wind farm.

International green energy company Ignitis Renewables has signed a project financing agreement for EUR 64 million with the European Investment Bank (EIB) and the Nordic Investment Bank (NIB) for the Mažeikiai wind farm.

Both the EIB and NIB have provided loans for the wind farm, contributing EUR 32 million each. The loan is concluded for a period of 12 years and covers around 75% of total investments of the project. Citi will take the role of agent, security agent and account bank in this transaction.

“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,” said Ignitis Group CFO Jonas Rimavičius.

“The EU bank is delighted to sign this significant loan agreement, which will support the deployment of new renewable energy capacity in Lithuania,” said EIB Vice-President Thomas Östros, who is responsible for operations 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.”

“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,” added NIB President and CEO André Küüsvek.

The first wind farm in Lithuania built by Ignitis Renewables is located in Mažeikiai district. It has commenced commercial operations in August of 2023. It is estimated that the 63-megawatt (MW) wind farm will help power around 90,000 homes with clean renewable energy.

KeyFacts Energy Industry Directory: Ignitis Group