Ignitis locks EIB, NIB debt for 63-MW Lithuanian wind farm

Lithuanian utility Ignitis Group (VSE:IGN1L) on Thursday said it has obtained EUR 64 million (EUR 69.9m) in debt financing for its 63-MW Mazeikiai wind farm in its home country.

The non-recourse project loan was extended to Ignitis’ subsidiary UAB VPP Investment by the European Investment Bank (EIB) and the Nordic Investment Bank (NIB). Each of the two lenders has committed to providing a EUR-32-million portion of the financing.

The 12-year loan covers around 75% of total investments of the EUR-85-million Mazeikiai project.

Located in the Mazeikiai district municipality of northwestern Lithuania, near the border with Latvia, the wind park was brought online in August. Its 14 Nordex N149/4.5 turbines are expected to generate more than 200 GWh of electricity annually.

Mazeikiai’s generation is seen to support Lithuania in cutting its greenhouse gas emissions and lowering power imports, which currency account for around two-thirds of its needs. The project also backs Ignitis Group’s goal of expanding its green generating fleet to 4 GW-5 GW by 2030 from 1.2 GW in 2022.

(EUR 1.0 = USD 1.092)

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