Swedbank lends USD 37m for Nordic Solar's Lithuanian PV park

Danish solar company Nordic Solar A/S has clinched a financing deal to obtain DKK 245 million (USD 36.7m/EUR 32.8m) in debt for its 100-MWp Moletai photovoltaic (PV) farm in Lithuania, the Baltic country’s largest one.

The fresh funding will be extended by Swedbank, Nordic Solar said on Monday without specifying the terms of the non-recourse credit agreement.

The Moletai solar park is located in the northeastern Lithuanian region of Moletai, about 60 km from the capital Vilnius. Assembled with about 150,000 bifacial two-sided solar panels, it was hooked to the grid in April and is expected to generate enough electricity to meet the annual consumption of around 28,000 European households. A ribbon-cutting ceremony at the site was held in May.

“We see it as a key step in the right direction that by entering an effective and successful partnership with Swedbank, we can invest in the development and production of solar energy in the country, which has ambitious national targets, and which is heavily focused on the transition to renewable energy,” said Holger Bang, Chief Investment Officer at Nordic Solar.

(DKK 1.0 = USD 0.150/EUR 0.134)

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