Ignitis Group secures a major financing deal tied to the largest Baltic wind farm

• A group of lenders will provide financing totalling EUR 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 EUR 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 EUR 100 million from the European Investment Bank (EIB), EUR 98.5 million from Swedbank, EUR 79.5 million from the European Bank for Reconstruction and Development (EBRD) and EUR 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.