Swedbank, which is a leading bank in Lithuania, has approved a loan of EUR 20.7 million to the state-owned energy group Ignitis Group with a repayment schedule of seven years.
“The funds will be used to refinance the liabilities of group subsidiary Eurakras, which manages a 24 MW wind farm in the Jurbarkas District,” Ignitis Group said in a news release on Monday.
“The green financing agreement which Ignitis Group has signed will allow us to continue rapid investments into renewable energy projects whilst maintaining healthy financial performance indicators,” says Ignitis Group CEO Jonas Rimavicius. “This will also allow us to generate consistent returns.”
Eurakras borrowed EUR 25 million for 10 years in 2017 from shareholder Lietuvos Energija (now the Ignitis Group), which issued green bonds. The initial loan had granted by the SEB Bank in 2014.
Rimavicius says that the Ignitis Group has a green capacity portfolio of 7.7 GW, including 1 more GW being built at this time in Lithuania, Latvia and Poland.
Source: BNS
(Reproduction of BNS information in mass media and other websites without written consent of BNS is prohibited.)