Focus on renewable energy: collaborating with Litgrid
Actively supporting Lithuania's transition to renewable energy sources is a key goal of the bank's green course strategy. Energy financing ranks among the most important objectives, and we encourage businesses to choose sustainable energy sources.
We collaborate with Litgrid, the electricity transmission system operator, and have participated in a discussion about green energy and their synchronization project with continental European network. According to Liutauras Varanavicius, Head of the Strategy Department at Litgrid, renewable energy resources will contribute to Lithuania's energy independence.
Litgrid synchronization program comprises 20 projects, with the key ones being:
- Expansion of the electricity connection with Poland, LitPol Link, through which the synchronization of Baltic countries will occur.
- Strengthening the air line in Western Lithuania, Bitenai-Jurbarkas, to integrate 700 MW of offshore wind.
- Lithuania boasts the largest battery park in Europe (200 MW), contributing to the balancing and flexibility of renewable energy.
- Construction of three synchronous compensators in Lithuania to maintain a stable electrical system amid increasing renewable energy.
- The Harmony Link connection linking Lithuania and Poland will facilitate the integration of an additional 1000 MW of offshore wind into Poland's transmission network.
We are a part of the largest financial services group in Finland, OP Financial Group, whose green loan portfolio amounted to EUR 6.2 billion at the end of the third quarter of last year. Together with the group, we aim to become carbon-neutral by next year and reduce the emissions intensity of our funded electricity generation by 50% by 2030.