BAKU, Azerbaijan, October 23. Ignitis Group, a renewables-focused integrated utility, has secured 318 million euros in non-recourse project financing from a consortium of institutional and commercial lenders to fund the construction of the largest onshore wind-energy project in the Baltic region, Trend reports.
The financing supports the Kelmė Wind Farm, located in western Lithuania, which has been operational since June 2025. The package includes loans of 100 million euros from the European Investment Bank (EIB), 98.5 million euros from Swedbank, 79.5 million euros from the European Bank for Reconstruction and Development (EBRD), and 40 million euros from the Nordic Investment Bank (NIB).
With a total installed capacity of 314 megawatts (MW), Kelmė Wind Farm produces enough electricity to power approximately 250,000 Lithuanian households. The project was developed by two special purpose vehicles fully owned by Ignitis Renewables, a subsidiary of Ignitis Group.
“Kelmė Wind Farm is a significant milestone not only for Ignitis Group but for Lithuania’s energy future. This is the largest debt financing ever raised at one time by Ignitis Group and is crucial in bringing projects like this to fruition. The support from our financial partners underscores the importance of collaboration in achieving our ambitious goal of reaching 4–5 gigawatts (GW) of installed green generation capacity by 2030,” said Jonas Rimavičius, Chief Financial Officer of Ignitis Group.
Wind power already supplies about 27 percent of Lithuania’s electricity, and the Kelmė project represents a major advance in meeting national energy demand through clean, domestically generated sources.
“This landmark project is a big step forward for Lithuania’s green transition. We’re proud to support a country that’s showing leadership in clean energy and building a more resilient, independent future,” EIB Vice-President Karl Nehammer noted while praising the project.
The total investment by Ignitis Group in the Kelmė Wind Farm — including acquisition and construction costs — is estimated at 550 millionv euros.
“Kelmė Wind Farm is a landmark project for Lithuania and the entire Baltic region, and Swedbank is proud to be part of making it a reality. As the largest financial partner of Ignitis Group, we’ve worked together for more than 25 years on strategic energy projects — from cogeneration plants to renewable developments across the region,” Ignas Mačeika, Swedbank Board Member and Head of the Corporate Customer Division, emphasized the long-standing partnership between the institutions.
The facility consists of 44 Nordex N163/6.X turbines, each with a capacity of 7.13 MW and a height of up to 240 meters — the most powerful wind turbines ever installed in Lithuania.
“We’re pleased to team up once again with Ignitis, our long-standing client, in supporting this important transaction — a true milestone in the company’s and Lithuania’s green energy transition,” Grzegorz Zielinski, EBRD Director and Head of Energy Europe, added.
The international financing was arranged as a club deal, reflecting a high level of coordination among major European lenders.
“Following our successful cooperation on Ignitis Renewables’ wind projects in Poland and Lithuania, we are proud to strengthen this partnership and support the region’s move toward sustainable energy. Kelmė Wind Farm is strategically important — it expands Lithuania’s renewable energy capacity and accelerates the region’s transition to cleaner power,” Jeanette Vitasp, NIB Head of Lending, said.
The financing aligns with the EU’s REPowerEU initiative to end dependence on fossil fuels and supports the climate and sustainability goals of all four lenders. The EIB’s portion is structured as a Special Activities Loan under the InvestEU guarantee program.