Evecon bags EUR 20m in debt for Lithuanian PV portfolio

Latvia-based Citadele Bank has extended EUR 19.8 million (USD 21.5m) in debt financing to support the construction of a portfolio of solar parks in Lithuania.

Estonian renewables developer Evecon will benefit from the funding arrangement, the lender said on Tuesday. It will use the debt to bankroll the installation of photovoltaic (PV) plants in Birzai and Jurbarka, in northern and western Lithuania.

Once in operation, the solar parks will generate electricity for business clients and the public sector. The output of the Jurbarka plants will be used mostly by corporates, while the installations in Birzai will produce electricity for public institutions, including the Presidency of the Republic of Lithuania, Vilnius University and several municipal institutions.

Evecon has deployed more than 220 MW of solar PV capacity since 2020 and has an additional 200-MW portfolio under construction. Its total development pipeline in the Baltic States, which includes solar, wind, storage and hybrid parks, exceeds 4 GW.

(EUR 1.0 = USD 1.083)

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