Ignitis Renewables has secured a joint loan of €77.5 million from Swedbank Lithuania and Swedbank Latvia. The loan will be utilised to complete the development of Stelpe and Vārme solar farms in Latvia. The banks provided the joint loan in equal amounts.
The company is currently developing the 94 MW Vārme solar farm in Kuldīga municipality and the 145 MW Stelpe solar farm in Bauska municipality. The total installed capacity of the solar farms will reach up to 239 MW. Furthermore, investments in the projects are expected to reach around €178 million including the construction and project acquisition costs.
Ignitis Renewables, a part of the Ignitis group, is an international green energy company operating in the Baltics and Poland. It is developing onshore and offshore wind, solar, battery, and power-to-X technologies to implement Ignitis Group’s strategic priority to deliver 4-5 GW of installed green capacities by 2030.
