"Kelmė wind farm is a significant milestone not only for Ignitis Group but for Lithuania's energy future," said Jonas Rimavičius, Chief Financial Officer of Ignitis Group.
Ignitis Group, a renewables-driven utility at the forefront of the Baltic energy transition, has secured an impressive €318 million in non-recourse project financing to support the Kelmė wind farm -- the largest onshore wind-energy project ever built in the Baltics. This landmark transaction was facilitated through a club deal of four major financial institutions, signaling strong investor confidence in Lithuania's clean energy ambitions.
Operational since June 2025, the Kelmė wind farm is located in western Lithuania and represents a cornerstone of the nation's strategy to replace fossil fuel dependency with homegrown, sustainable energy. With a total installed capacity of 314 megawatts (MW), the wind farm generates enough electricity to power approximately 250,000 Lithuanian households, making a substantial contribution to both national energy security and the European Union's climate goals.
The €318 million financing package comprises:
This financing marks the largest single debt transaction in Ignitis Group's history, allowing the company to recover costs associated with the development and construction of the project, which is estimated to total €550 million.
"Kelmė wind farm is a significant milestone not only for Ignitis Group but for Lithuania's energy future," said Jonas Rimavičius, Chief Financial Officer of Ignitis Group. "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."
As Lithuania continues its path toward energy independence and sustainability, wind power plays an increasingly vital role. Currently, wind energy accounts for 27% of Lithuania's electricity consumption, and the addition of Kelmė's capacity marks a significant expansion.
"This landmark project is a big step forward for Lithuania's green transition," said EIB Vice-President Karl Nehammer. "We're proud to support a country that's showing leadership in clean energy and building a more resilient, independent future."
The project is a crucial contribution to the EU's REPowerEU initiative, which seeks to eliminate dependence on Russian fossil fuels and boost renewable infrastructure across the continent. The EIB's contribution, in particular, is supported through an InvestEU guarantee, and structured as a Special Activities Loan, highlighting the strategic priority of this investment.
The Kelmė wind farm consists of 44 Nordex N163/6.X turbines, each with a generating capacity of 7.13 MW and a height of up to 240 meters -- the tallest and most powerful wind turbines ever installed in Lithuania. These turbines were selected for their high-efficiency performance and suitability to the local wind conditions, ensuring maximum energy output.
"Kelmė wind farm is a landmark project for Lithuania and the entire Baltic region," said Ignas Mačeika, Swedbank Board Member. "As Ignitis Group's largest financial partner, we are proud to have supported strategic energy projects for over 25 years -- from cogeneration to solar and now wind."
The project is expected to significantly reduce Lithuania's energy import dependency, provide stable green jobs, and create new opportunities in the local supply chain, contributing to the economic and social development of western Lithuania.
All four lenders underscored the importance of collaboration in accelerating renewable energy development across the Baltics. The financing structure -- a club deal -- represents a unified front in promoting climate action, clean energy, and sustainability.
"We are pleased to team up once again with Ignitis, our long-standing client, in supporting this important transaction," said Grzegorz Zielinski, EBRD Director and Head of Energy Europe. "It's a true milestone in both the company's and Lithuania's green energy journey."
"Following our successful cooperation on Ignitis Renewables' wind projects in Poland and Lithuania, we are proud to strengthen the partnership and support the region's move toward sustainable energy," added Jeanette Vitasp, Head of Lending at NIB.
Ignitis Group has set a bold objective of achieving 4-5 GW of installed green energy capacity by 2030, with projects spanning wind, solar, and other clean energy technologies across the Baltics and Poland. Kelmė wind farm is not just the company's largest renewable project to date -- it is a symbol of the region's renewable energy future.
The project aligns with the Lithuanian government's national energy plan, which aims to ensure that 70% of electricity comes from renewables by 2030. With its scale, impact, and financial backing, Kelmė is poised to become a benchmark for future utility-scale wind projects in Northern and Eastern Europe.