European Energy, a renewable energy project developer, has closed a €145 million (~$165 million) long-term loan agreement with SEB Lithuania and Swedbank Lithuania.
The loan covers the Telšiai I and Telšiai II onshore wind farms, each with an installed capacity of 60 MW, and the 78.5 MW Anykščiai solar park. Additionally, it will fund the construction of a new battery storage facility, which will be co-located with the Anykščiai solar park.
“Sustainable energy is a cornerstone of energy independence and national resilience. This hybrid project is expected to generate around 0.5 TWh of electricity annually -equivalent to approximately 4% of Lithuania’s total electricity demand,” said Tadas Jonušauskas, Member of the Board and Head of Corporate Banking Division at SEB Lithuania.
The company plans to expand its presence in wind, solar, and energy storage, and considers Lithuania a key market for renewable energy development.
European Energy has stated that it has constructed approximately 450 MW of renewable energy capacity and currently has around 200 MW of additional solar and storage capacity under construction.
“Swedbank is committed to supporting the development of renewable energy infrastructure across the Baltics. Our latest cooperation with European Energy strengthens regional energy security. These projects reflect our long-term commitment to sustainable financing. Today, green loans account for nearly 35% of our €4 billion ($3.4 billion) corporate lending portfolio, with total volumes exceeding €1.4 billion (~$1.6 billion),” says Ignas Mačeika, Member of the Board and Head of Corporate Division at Swedbank.
According to Mercom’s Q1 2025 Solar Funding and M&A report, announced large-scale project funding increased by 27% in Q1 2025 compared to Q1 2024.
In April, Nexamp, a solar and energy storage project developer, secured a $340 million private placement debt refinancing with PGIM Private Capital, the private credit business of global asset manager PGIM. The financing will support solar and storage projects across multiple states over the next three years. The refinancing covers a portfolio of 39 solar projects.
