EUR 60 million loan from EBRD to develop the Ignitis ON network

The European Bank for Reconstruction and Development (EBRD) has granted a EUR 60 million loan to Ignitis Group. The loan will be used to finance the expansion of the leading EV fast charging network Ignitis ON, developed by its subsidiary, Ignitis, including the installation of up to 600 EV fast charging stations across Lithuania, Latvia and Estonia by the end of 2027.

Darius Maikštėnas, CEO of Ignitis Group, commented that the funds granted by the EBRD will boost the availability of public EV charging points in the region and will help the Baltic states achieve their national energy and climate goals.

“Our charging network has tripled in 2024, and this year we will continue its active expansion across the Baltic states. These encouraging figures indicate a breakthrough in the development of EV infrastructure in the region, where we aim to lead in fast charging stations. The new investments will further strengthen this process and invigorate the development of the EV ecosystem,” comments D. Maikštėnas.

Some of the infrastructure will be built on the Trans-European Transport Network (TEN-T) corridors, thus contributing to the European Union's transport decarbonisation targets, set out in Fit for 55 package while keeping on track with the European Green Deal.

“This investment marks a significant milestone for green mobility in the Baltic region. It will help address one of the key barriers to EV adoption – the lack of accessible, reliable charging infrastructure – and thus encourage the wider adoption of electric vehicles and enhance the regional connectivity,” said Matteo Patrone, Vice President, Banking at the EBRD, when signing the financing agreement.

The project investments are estimated at around EUR 76 million. Additionally, the Group secured the right to a grant of up to EUR 3.78 million under the Connecting Europe Facility's programme Transport Alternative Fuels Infrastructure Facility.

The loan is granted for a period of 10 years. The other terms and conditions of the loan are standard for corporate financing.

Ignitis, a subsidiary of Ignitis Group, is developing the leading EV charging network in the Baltic states with a priority to expand its public EV fast charging network. At the end of the first quarter of 2025, the Group had 1,286 EV charging points installed across the Baltic states. In 2024, 4.6 GWh of electricity was consumed for charging EVs at Ignitis ON network across all Baltic states.