Achema unit secures EUR 326m for wind project in Lithuania

LT Energija, a special purpose vehicle of Lithuanian fertiliser producer Achema’s renewables arm Renerga, has secured a bank loan of about EUR 326 million (USD 352.4m) for the deployment of a 264-MW onshore wind farm in Lithuania.

The financing was arranged by three lenders, including Nordic Investment Bank (NIB), and Germany's Nord/LB and KfW IPEX-Bank, the latter said in a statement on Wednesday. NIB alone is contributing EUR 100 million.

The planned facility, the realisation of which will cost EUR 460 million, will be located in Pagegiai municipality and will be equipped with 40 Nordex turbines. It will power Achema’s green hydrogen set-up.

Infrastructure works on site, touted as the largest greenfield onshore wind farm in the Baltics, will start in June 2024, while the commissioning is expected in 2026.

“This project solidifies Renerga as the leading renewables developer in Lithuania. We expect to continue to expand our renewables portfolio going forward as has been the case from the very start of Renerga’s history in 1998,” Renerga’s CEO Mindaugas Juodis said in the statement.

(EUR 1 = USD 1.081)

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