Ignitis Group secures €64 million financing for Mažeikiai wind park

Ignitis Group is pleased to announce that its subsidiary, VVP Investment, has signed a €64 million financing agreement with the European Investment Bank (EIB) and the Nordic Investment Bank (NIB) for the development of the Mažeikiai wind park.

The financing agreement, which has a duration of 12 years, will be provided in equal parts by both creditors, with each contributing €32 million. This funding will cover approximately 75% of the total investment required for the Mažeikiai wind park project. The remaining terms of the loan are standard and applicable to project financing.

The Mažeikiai wind park consists of 14 turbines with a capacity of 4.5 MW each, bringing the total capacity of the park to 63 MW. Commercial operations for the park are expected to begin in September 2023. Once operational, the park will generate enough clean and renewable energy to power around 90,000 households.

As part of Ignitis Group's strategic goals, the company aims to increase its green energy production capacity four-fold by 2030, from 1.2 GW in 2022 to 4-5 GW. More information on this can be found in Ignitis Group's strategy document.

For more information:

Artūras Ketlerius

Head of Corporate Communications at Ignitis Group

Phone: +370 620 76076