Financing agreement signed for 63 MW onshore wind farm in Lithuania
The European Investment Bank (EIB), Nordic Investment Bank (NIB) and UAB VVP Investment, part of Ignitis Group, have signed a financing agreement for the 63 MW Mažeikiai onshore wind farm in Lithuania.
The EIB and NIB have extended loans for the wind farm, each providing EUR32 million (USD 34.8 million), forming part of the overall investment of approximately EUR85 million (USD 92.5 million). Citi will assume the responsibilities of agent, security agent, and account bank in this transaction. Operational since August 2023, the 63 MW wind farm comprises 14 turbines, with a collective estimated energy production capacity exceeding 200 GWh annually.
Situated in the north-northwest of Lithuania, near the Latvia border, the wind farm is seamlessly integrated into the national grid and avoids 61,000 tonnes of CO2 per year.
