Ignitis Group has secured €318 million in non-recourse project financing from a consortium of institutional and commercial lenders to fund the 314 MW Kelmė onshore wind farm in western Lithuania. The Kelmė wind farm was developed through two special purpose vehicles fully owned by Ignitis Renewables, a subsidiary of Ignitis Group. The project commenced operations in June 2025. It generates enough electricity to power around 250,000 Lithuanian households.
The financing package includes €100 million loan from the European Investment Bank, €98.5 million loan from Swedbank, €79.5 million loan from the European Bank for Reconstruction and Development, and €40 million loan from the Nordic Investment Bank. The total investment in the project, including acquisition and construction expenses, is estimated at approximately €550 million.
The wind farm consists of 44 Nordex N163/6.X turbines, each with a capacity of 7.13 MW and a maximum height of 240 metres. These turbines were selected for their efficiency and suitability to local wind conditions, and reportedly represent the most powerful models installed in Lithuania to date.
In May 2025, Ignitis Renewables 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.
