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VILNIUS - Lithuanian energy company Ignitis Group announced on Wednesday it has secured €318 million in project financing for its 314 MW Kelmė wind farm, described as the largest wind energy project in the Baltic region.
The 15-year loan agreement was signed between Ignitis Renewables subsidiaries UAB "Vėjas LT" and UAB "Windlit" with a consortium of lenders including the European Investment Bank, Swedbank AB, European Bank for Reconstruction and Development, and Nordic Investment Bank.
The Kelmė wind farm consists of two separate stages with a combined installed capacity of 314 MW, capable of covering electricity demand for 250,000 Lithuanian households, according to the company statement. Total investments in the project, including acquisition and construction costs, will amount to up to €550 million.
The financing represents a significant portion of the total investment needed for the project, with the remainder being funded through other means not specified in the press release.
Ignitis Group stated that the loan terms are standard for project financing transactions, though specific details about interest rates or repayment schedules were not disclosed.
The company also noted that its current installed green energy capacity stands at 2.1 GW, with an objective to increase this figure to between 4 and 5 GW by 2030.
The Kelmė project represents a substantial addition to Lithuania’s renewable energy infrastructure as the Baltic nation works to enhance its energy independence and transition to cleaner power sources.
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