NIB lends to 264-MW wind project for H2 production in Lithuania

The Nordic Investment Bank (NIB) and LT Energija, a project company of Lithuanian fertiliser producer Achema AB, have signed a EUR-100-million (USD 108.2m) loan agreement to finance the construction of a 264-MW wind farm that will power Achema’s green hydrogen set-up in the Baltic country.

The European Commission (EC) said on Wednesday that it is guaranteeing EUR 43.5 million of the total amount under the InvestEU programme, adding that the overall cost of the wind project is estimated at EUR 460 million.

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LT Energija is a special purpose vehicle of Achema’s renewables arm Renerga, which is developing the project.

NIB’s 21-year maturity loan will cover part of the investment required to build 40 wind turbines and associated infrastructure in Lithuania’s Pagegiai municipality. Achema will purchase the wind farm’s output to produce green hydrogen, which will then be converted into green ammonia and further used in fertiliser production.

The Pagegiai wind farm is expected to produce 602 GWh of electricity annually, or around 15% of Lithuania's current electricity production, the EC said.

The wind farm is set to start commercial operations in the third quarter of 2026.

(EUR 1.0 = USD 1.082)