- A group of lenders will provide financing totalling €318 million to Ignitis Group to cover the costs of a 314-megawatt wind farm in Lithuania.
- The financing package is linked to Kelmė onshore wind farm, which powers 250 thousand Lithuanian households.
- The support from banks contributes to Lithuanian and EU energy security and climate goals.
Ignitis Group, a renewables-focused integrated utility, has secured €318 million in non-recourse project financing from a strong group of lenders, comprising both institutional and commercial banks, to cover the costs incurred in constructing the largest onshore wind-energy project in the Baltics.
The financing package is linked to Kelmė wind farm, which is located in western Lithuania and has been operational since June 2025. The package includes loans of €100 million from the European Investment Bank (EIB), €98.5 million from Swedbank, €79.5 million from the European Bank for Reconstruction and Development (EBRD) and €40 million from the Nordic Investment Bank (NIB).
Kelmė wind farm has a total installed capacity of 314 megawatts (MW) and generates enough electricity to power 250 thousand Lithuanian households. It was developed by two special purpose vehicles, fully owned by Ignitis Renewables, which is a subsidiary of Ignitis Group.
“Kelmė wind farm is a significant milestone not only for Ignitis Group but for Lithuania's energy future. This is the largest debt financing ever raised at one time by Ignitis Group and is crucial in bringing projects like this to fruition. The support from our financial partners underscores the importance of collaboration in achieving our ambitious goal of reaching 4–5 gigawatts (GW) of installed green generation capacity by 2030,” says Ignitis Group Chief Financial Officer Jonas Rimavičius.
With wind energy already supplying 27% of Lithuania’s electricity, the Kelmė project marks a major step forward in meeting national energy needs using clean, domestic sources. The wind farm is a cornerstone of Lithuania’s renewable-energy strategy, advancing national and European Union climate goals.
“This landmark project is a big step forward for Lithuania’s green transition,” says EIB Vice-President Karl Nehammer. “We’re proud to support a country that’s showing leadership in clean energy and building a more resilient, independent future.”
The total investment by Ignitis Group in Kelmė wind farm, including acquisition and construction costs, is estimated at EUR 550 million.
“Kelmė wind farm is a landmark project for Lithuania and the entire Baltic region, and Swedbank is proud to be part of making it a reality. As the largest financial partner of Ignitis Group, we have worked together for more than 25 years to deliver strategic energy projects – from cogeneration plants in Vilnius and Kaunas to solar and wind developments across the region. The Kelmė project highlights how strong partnerships can accelerate the shift towards renewable energy and build a more sustainable future for our society,” says Ignas Mačeika, member of the Swedbank Board and head of the Corporate Customer Division.
The wind farm comprises 44 state-of-the-art Nordex N163/6.X turbines. With each having a capacity of 7.13 MW and being up to 240 metres tall, they are the most powerful wind turbines ever installed in Lithuania. This model was selected for its high generation efficiency and suitability for local conditions.
Grzegorz Zielinski, EBRD director, head of Energy Europe, says: "We are pleased to team up once again with Ignitis, our long-standing client and investee company, in supporting this important transaction – a true milestone in the company's, and Lithuania’s, green energy transition journey."
The international financing for Ignitis Group takes the form of a club deal and marks a milestone in regional renewable-energy development.
“Following our successful cooperation on Ignitis Renewables’ wind projects in Poland and Lithuania, we are proud to strengthen the partnership and support the region’s move towards sustainable energy. Kelmė wind farm is strategically important – not only does it significantly expand Lithuania’s renewable energy capacity, but it also accelerates the region’s transition to cleaner power,” says Jeanette Vitasp, head of lending at NIB.
The support aligns with the EU’s REPowerEU initiative to end reliance on Russian fossil fuels as well as with the climate-action and sustainability goals of all four lenders. The EIB’s portion is structured as a “Special Activities Loan” and benefits from an InvestEU guarantee.
Background information
Ignitis Group
As a renewables-focused integrated utility, Ignitis Group is committed to a greener future. We are utilising our integrated business model to enable a Green Capacities build-out. We are expanding our green generation technologies with a focus on onshore and offshore wind. We are also developing green flexibility technologies: battery storage, hydro pumped-storage and power-to-x technologies – with green hydrogen holding a significant potential of contributing towards net zero.
We invest to deliver 4–5 GW of installed Green Capacities by 2030 and reach net zero emissions by 2040–2050, thus strengthening our contribution to Europe's decarbonisation and energy security in the region. Together we innovate, grow and act with a purpose to create a 100% green and secure energy ecosystem for current and future generations.
EIB
The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, the EIB finances investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and the bioeconomy, social infrastructure, the capital markets union and a stronger Europe in a more peaceful and prosperous world.
Swedbank
Swedbank is one of the leading banks in the Baltic states and Sweden, where it serves over 7 million private customers and over 0.5 million corporate clients and organisations. By offering financial advice, services and products, we empower the many people and businesses to create a better future. Our vision is a financially healthy and sustainable society.
EBRD
The European Bank for Reconstruction and Development (EBRD) is a multilateral bank that promotes the development of the private sector and entrepreneurial initiative in 36 economies across three continents – Central and Eastern Europe, Central Asia and North and Sub-Saharan Africa. It is a leading institutional investor in Lithuania, and the second largest shareholder in Ignitis Group, following the company’s initial public offering in 2020.
NIB
NIB is the international financial institution of Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway, and Sweden. The Bank finances projects that improve productivity and benefit the environment of the Nordic-Baltic region. The Bank is headquartered in Helsinki with a regional hub in Riga. NIB has the highest possible credit rating, AAA/Aaa, with S&P Global Ratings and Moody’s.
About InvestEU programme
The InvestEU programme provides the European Union with crucial long-term funding by leveraging substantial private and public funds in support of a sustainable recovery. It also helps mobilise private investments for the European Union’s policy priorities, such as the European Green Deal and the digital transition.