Ignitis Group agreed on a EUR 20.7 million financing agreement with Swedbank

Ignitis Group, an integrated renewable energy company, on 17 October signed a EUR 20.7 million financing agreement with Swedbank. The funds will be used to refinance the liabilities of EURAKRAS, a subsidiary of the Group, which manages a 24 MW wind farm in Jurbarkas district. 

“Our strategic focus is delivering 4–5 GW of installed green capacities by 2030, contributing to our purpose, which is also important to our country, to create a 100% green and secure energy ecosystem. The green financing agreement that Ignits Group has signed enables us to continue rapid investments into renewable energy projects while maintaining healthy financial performance indicators, which allows us to generate consistent returns,” said Jonas Rimavičius, Group CFO. 

The financing agreement was concluded for a period of 7 years, and it meets the green financing criteria. 

“One of the strategic goals of our bank is to actively contribute to financing the projects aimed at green transition in Lithuania. We are delighted by a long-standing partnership with Ignitis Group, which demonstrates leadership while implementing complex renewable energy projects in the Baltic states. The signed agreement showcases that our team is always ready to look for optimal financing solutions that facilitate the implementation of ambitious renewables development plans. Our efforts increase the resilience of the national energy sector,” said Ignas Mačeika, Head of Corporate Customer Division and Member of the Board at Swedbank Lithuania. 

According to J. Rimavičius, the development of green energy generation capacities is the key driver of Ignitis Group's growth. The company's green capacities portfolio amounts to 7.7 GW, and 1 GW of it is currently under construction in Lithuania, Latvia and Poland.