European Energy secures US$ 165 million long-term loan for Lithuanian renewable energy and battery portfolio

European Energy, a Danish renewable energy developer, has secured a EUR 145 million (US$ 165 million) long-term loan from SEB Lithuania and Swedbank Lithuania.

This financing will support the continued operation of three renewable energy assets: 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, the loan will fund the development and construction of a new battery storage facility co-located with the Anykščiai solar park. The integration of battery storage is a strategic move to enhance the resilience of renewable energy production, contributing to Lithuania's energy independence and climate goals. The hybrid project is expected to generate approximately 0.5 TWh of electricity annually, accounting for about 4% of Lithuania's total electricity demand. 

European Energy has been active in Lithuania since 2018 and is one of the country's largest renewable energy developers. To date, the company has constructed approximately 450 MW of renewable energy capacity and currently has around 200 MW of additional solar and storage capacity under construction.