A new Baltic offshore wind project has received a major boost through a finance package supported by the EIB. The world has been enthralled by the need to integrate the renewable energy sector into the international energy market, and several European nations have commissioned massive projects that enable the region to finally make the switch to renewable energy generation. With the inevitable end of the conventional energy sector, like gas and coal, only a few short years away, the financial organizations of the world are supporting projects that strengthen the capacity of wind, solar, and nuclear.
Ignitis Energy has secured a substantial financing package for the Baltic offshore wind project
Ignitis Energy, a company that focuses on the development of the renewable energy sector, has revealed that it has secured a substantially large financing package that is backed by the EIB.
The company noted that it had received €318 million in non-recourse project financing from a strong group of lenders, comprising both institutional and commercial banks. The funding enables the company to recoup operational costs for the new Baltic offshore wind project known as the Kelmė wind farm.
The Kelmė wind farm has been operational since June 2025 and is located in western Lithuania. Ignitis noted that the funding package it received includes loans from several major financial institutions, including:
- €100 million from the European Investment Bank (EIB)
- €98.5 million from Swedbank
- €79.5 million from the European Bank for Reconstruction and Development (EBRD)
- €40 million from the Nordic Investment Bank (NIB)
The Kelmė wind farm boasts a total installed capacity of 314 megawatts and has the potential to power 250 thousand Lithuanian households. This will strengthen the region’s ability to be energy self-sufficient.
“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.” – Ignitis Group Chief Financial Officer Jonas Rimavičius
Kelmė wind farm is the cornerstone of the Lithuanian energy sector
Lithuania is not known for its energy generation capacity, and has, for the past few decades, relied on imports to meet energy demand. However, the Kelmė wind farm has the potential to change that reality. With wind energy already supplying 27% of Lithuania’s electricity, the project marks a significant milestone in meeting the nation’s energy demand through sustainable energy that is clean and less harmful to the environment.
Kelmė wind farm consists of 44 state-of-the-art Nordex N163/6.X turbines that have a capacity of 7.13 MW and are up to 240 meters tall. The company noted that they are the most powerful wind turbines ever installed in Lithuania. Other European nations are following suit and have revealed their own domestically produced wind components.
“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 towards sustainable energy. Kelmė wind farm is strategically important – not only does it significantly expand Lithuania’s renewable energy capacity, but it also accelerates the region’s transition to cleaner power.” – Jeanette Vitasp, head of lending at NIB
Lithuania is set to become a regional leader in the wind power sector
Thanks to the Kelmė wind farm, Lithuania has the potential to reshape the European energy sector as it transitions away from fossil fuels towards the renewable energy sector. Germany has also accelerated the embrace of the renewable energy sector through its Flintbek wind project in the north of the country. Once the rest of the European nations phase out their reliance on Russian gas and coal, we suspect that they may turn to the expertise that countries like Lithuania have developed in recent years.
