EUR 19.3 million financing provided for Ignitis Group's solar and wind parks
We have extended EUR 19.3 million in financing to Ignitis Group, an integrated renewable energy company. The funding will support solar and wind power parks managed by Ignitis Group's subsidiary, Ignitis Renewables, located in Western Lithuania.
The loan, extended to the largest energy group in the Baltic States, is part of the bank’s green financing portfolio. The agreement has been signed for a term of seven years.
“We are at the forefront of the energy transformation in our region, striving to create a 100% green and secure energy ecosystem. Our strategic goal is to achieve 4–5 gigawatts (GW) of operational green capacity by 2030. This would not be possible without green financing agreements, which enable the success of our renewable energy projects,” said Jonas Rimavicius, CFO of Ignitis Group.
“The further expansion of green energy projects is a necessary step towards achieving Lithuania’s energy independence and establishing sufficient renewable energy capacity. Under our Group’s Sustainability Strategy, we are committed to supporting businesses in implementing sustainable changes in Lithuania and across the Baltic and Nordic regions. This is only achievable by strengthening green financing. We have been collaborating with Ignitis Group for several years now, working together to address the same sustainability challenges,” said Giedrius Dzenkauskas, Head of Sales at the Lithuanian branch.
The expansion of green energy generation capacity is a key driver of growth for Ignitis Group. The Group manages a portfolio of 7.7 GW of green energy generation capacity in the Baltic States and Poland, nearly 1 GW of which is currently under construction.
We are part of OP Financial Group, Finland's largest financial services group, whose sustainable loans and green financing portfolio across the Baltic States and Finland totalled EUR 8.1 billion as of the end of September. This represents a 31% increase compared to the same time last year.
Operating in Lithuania for 11 years, we are the fifth-largest bank in the country by the size of our corporate loan portfolio, which stands at EUR 1.3 billion. In Lithuania, we work with large and leading mid-sized businesses.