Ignitis Group has secured EUR 318 million in non-recourse project financing from a consortium of institutional and commercial banks to cover costs for the largest onshore wind-energy project in the Baltics. The financing package is linked to the Kelmė wind farm, located in western Lithuania, which has been operational since June 2025.

The European Bank for Reconstruction and Development (EBRD) is contributing EUR 79.5 million to the landmark financing deal. Additional funding comes from the European Investment Bank (EIB) with EUR 100 million, Swedbank providing EUR 98.5 million, and the Nordic Investment Bank (NIB) contributing EUR 40 million.

Wind Farm Specifications and Capacity

The Kelmė wind farm has a total installed capacity of 314 megawatts (MW) and generates 740 GWh of zero-carbon electricity annually. This output is sufficient to power 250,000 Lithuanian households. The facility comprises 44 state-of-the-art Nordex N163/6.X turbines, each with a capacity of 7.13 MW and standing up to 240 meters tall. These are the most powerful wind turbines ever installed in Lithuania, selected for their high generation efficiency and suitability for local conditions.

The wind farm was developed by two special-purpose vehicles, both wholly owned by Ignitis Renewables, a subsidiary of Ignitis Group. The total investment by Ignitis Group in the Kelmė wind farm, including acquisition and construction costs, is estimated at EUR 550 million.

Strategic Impact on Lithuania's Energy Sector

Wind energy already supplies 27% of Lithuania's electricity, and the Kelmė project represents a significant step toward meeting national energy needs with clean, domestic sources. The wind farm serves as a cornerstone of Lithuania's renewable-energy strategy, advancing both national and European Union climate goals.

The project supports Ignitis Group's ambitious goal of reaching 4–5 gigawatts (GW) of installed green generation capacity by 2030. Ignitis is Lithuania's largest electricity supplier and a pivotal energy player in the Baltic region. The EBRD is the company's second-largest shareholder following its initial public offering in 2020.

Financial Partnership and Industry Collaboration

Jonas Rimavičius, Ignitis Group Chief Financial Officer, described the Kelmė wind farm as “a significant milestone not only for Ignitis Group but for Lithuania's energy future.” He noted that this represents “the largest debt financing ever raised at one time by Ignitis Group and is crucial in bringing projects like this to fruition.”

EIB Vice-President Karl Nehammer characterized the project as “a big step forward for Lithuania's green transition,” expressing pride in supporting “a country that's showing leadership in clean energy and building a more resilient, independent future.” The EIB's portion is structured as a “Special Activities Loan” and benefits from an InvestEU guarantee.

Ignas Mačeika, member of the Swedbank Board and head of the Corporate Customer Division, emphasized Swedbank's role as “the largest financial partner of Ignitis Group,” noting they have “worked together for more than 25 years to deliver strategic energy projects – from cogeneration plants in Vilnius and Kaunas to solar and wind developments across the region.”

Regional and European Energy Security

The international financing, in the form of a club deal, marks a milestone in regional renewable-energy development. Grzegorz Zielinski, EBRD director and head of Energy Europe, expressed pleasure in teaming up “once again with Ignitis, our long-standing client and investee company, in supporting this important transaction – a true milestone in the company's and Lithuania's green energy transition journey.”

Jeanette Vitasp, head of lending at NIB, highlighted the project's strategic importance, stating that it “significantly expands Lithuania's renewable energy capacity” and “accelerates the region's transition to cleaner power.” The support aligns with the EU's REPowerEU initiative to end reliance on Russian fossil fuels, as well as with the climate-action and sustainability goals of all four lenders.

The EBRD has previously supported Ignitis's investment programme for the electricity distribution network in Lithuania, as well as its electric mobility infrastructure across the Baltic region. Since the start of its operations in Lithuania, the EBRD has invested more than EUR 1.8 billion across 143 projects, with a strong focus on sustainable infrastructure and the green transition.

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