Nordic Solar and Swedbank enter into credit agreement for Lithuania's largest solar park

In May, Nordic Solar inaugurated its Moletai solar park in eastern Lithuania, about 60 kilometres from the capital, Vilnius. The solar park, which has been connected to the grid since April, has a generation capacity of 100 MWp and the capacity to produce electricity corresponding to the annual consumption of approximately 28,000 average European households, and is thus contributing significantly to the production of solar energy in Lithuania.

The new credit agreement between Nordic Solar and Swedbank, secures the financing of the energised solar park.

"It’s an important agreement that we have reached together, and it will help ensure the rollout of more renewable energy in Lithuania. We see it as a key step in the right direction that by entering into an effective and successful partnership with Swedbank, we can invest in the development and production of solar energy in the country, which has ambitious national targets, and which is heavily focused on the transition to renewable energy. We are delighted with the agreement and, in addition to the continued collaboration with Swedbank, we look forward to contributing to the transition with the production from our solar park in Moletai," says Holger Bang, Chief Investment Officer at Nordic Solar.

Swedbank Lithuania is also pleased with the credit agreement, which will strengthen the investment in and deployment of solar energy.

"The rapid transformation of the energy sector in Lithuania helps achieve emission reduction goals and enhances the country’s energy resilience. The state’s goal is to produce all the electricity consumed in the country from renewable energy sources by 2030, which requires further rapid development of wind, solar projects, and energy storage capacity. We are pleased that our new partnership with Nordic Solar contributes to this goal, and our financing enables the company to implement further expansion plans," said Ignas Mačeika, a member of the Board of Swedbank Lithuania and the Head of the Business Clients Division.

Nordic Solar's Moletai solar park, which is situated in a hilly area with good opportunities for harnessing the energy of the sun during daylight hours, has been built using Nordic Solar's proprietary, patented design for bifacial, or two-sided, solar panels which produce energy from both the front and back.A total of approximately 150,000 solar panels have been installed in the solar park, which was also established with various initiatives to promote biodiversity and benefit wildlife in the area.