European Energy secures EUR 145 million long-term loan for Lithuanian renewable energy and battery portfolio

Financing from SEB and Swedbank secures European Energy’s strategic growth in renewables and battery storage expansion in Lithuania.

Copenhagen, Denmark, 3rd June, 2025 – European Energy has closed a EUR 145 million long-term loan agreement with SEB Lithuania and Swedbank Lithuania. The financing will support the continued operation of three renewable energy assets in Lithuania, as well as the development and construction of a new co-located battery storage facility.

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.

This financing supports European Energy’s plans in Lithuania and aligns with its broader strategy to roll out battery storage across the country. The company is expanding its presence in wind, solar, and energy storage, and considers Lithuania a key market for renewable energy development. European Energy’s projects aim to contribute to national climate targets and enhance long-term energy security.

“As we move into the next phase of our green transition, we are pleased to receive strong support from ambitious financial institutions such as SEB and Swedbank. Adding battery storage to our portfolio in the Baltics strengthens the resilience of our renewable energy production, supporting true energy independence and contributing to the fight against climate change,” said Jens-Peter Zink, Deputy CEO of European Energy.

“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. Investments of this scale play a vital role in strengthening the country’s energy independence, and it is important for SEB to be a reliable partner in driving the green transformation,” says Tadas Jonušauskas, Member of the Board and Head of Corporate Banking Division at SEB Lithuania.

“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 EUR 4 billion corporate lending portfolio, with total volumes exceeding EUR 1.4 billion,” says Ignas Mačeika, Member of the Board and Head of Corporate Division at Swedbank.

European Energy is one of the largest renewable energy developers in Lithuania. 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.

Lithuania aims to achieve energy independence and fully transition to renewable energy sources. According to the current Law on Renewable Energy of the Republic of Lithuania, by 2030, all electricity consumed in the country should be generated from renewable sources. This target is especially important considering that, as of 2024, Lithuania still imported around 44% of its electricity. Electricity is traded through Nord Pool – the world’s largest electricity exchange – and Lithuania’s power networks are integrated into the European grid, including interconnections with Poland.