Danish developer European Energy has secured a €145 million long-term loan, backed by SEB and Swedbank, to strengthen its renewable energy services portfolio in Lithuania.
Strengthening renewable energy services
The financing will be used for the operation of two onshore wind farms, Telšiai I and Telšiai II . IIwith a combined capacity of 120 MW, and the 78.5 MW Anykščiai solar farm. In addition, a new battery storage facility will be built next to the solar farm as part of a broader BESS system integration strategy in the region.
This hybrid project is designed to generate about 0.5 TWh per year, which represents approximately 4% of Lithuania’s total electricity demand. The combination of solarwind power and storage, enhances European Energy’s position as a major player in the country’s transition to energy autonomy.
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.
Adding battery storage to our Baltic portfolio strengthens the resilience of our renewable energy production, boosting true energy independence and contributing to the fight against climate change.
Jens-Peter Zink, Deputy Managing Director of European Energy.
The financial institutions, Swedbank and SEB, have reiterated their commitment to sustainable financing. In the case of Swedbank, more than a third of its corporate loan portfolio is made up of green loans. For its part, SEB has stressed the importance of supporting investments that improve security of supply and contribute to meeting national climate targets.
Lithuania has set an energy target for all of its electricity demand to be met by renewable sources by 2030. This financing is aligned with that goal, enabling the deployment of clean infrastructure that reinforces its integration with the European electricity grid.
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Source and photo: European Energy
