Nordic Solar and Swedbank sign double-digit million financing agreement for new solar park in Lithuania

Nordic Solar is constructing another solar park in Lithuania that is close to becoming operational. The solar park will be connected to the grid this spring, making it the second solar park developed and constructed by Nordic Solar that will supply citizens in Lithuania with power from solar energy produced in the country. With its production capacity of 80 MWp, the solar park will contribute to strengthening the country's self-sufficiency in renewable energy and supply more than 35,000 Lithuanian households.

In 2024, Nordic Solar commissioned the company's first, and the country's largest solar park to date, in Molètai, with a production capacity of 100 MWp. Nordic Solar and Swedbank signed a project financing agreement for that project last year and are now entering into a new financing agreement together, this time covering the new solar park in Švenčionys, located about 80 kilometers north of the capital Vilnius.

Financing is disbursed even before construction is completed and is therefore used as non-recourse construction financing.

"This is a solid financing solution that we have entered into with Swedbank and it reflects how attractive this project is. Nordic Solar is pleased to contribute to strengthening Lithuania's renewable energy production, which is high on the agenda in the country. A strong collaboration based on a shared vision is crucial for us to realise more solar energy projects in the country, and here again we have greatly appreciated the collaboration with Swedbank. This is not only an attractive financing solution, but an attractive opportunity to collaborate across borders to strengthen Lithuania's ability to increase the share of solar energy in the energy mix and strengthen the energy supply in line with the country's ambitious national targets," says Tim Janusch Gadatsch, Chief Investment Officer, Nordic Solar.

In Swedbank Lithuania, Ignas Mačeika, Member of the Board and Head of Corporate Customer Division, says: “Our continued partnership with Nordic Solar and the funding provided for its second solar park enables rapid transformation of Lithuanian energy system towards the future based on renewables. Lithuania’s strategic goal is to have 100 percent locally produce electricity by 2030, while the projects such as large solar parks bring that goal even closer.”

The new solar park in Švenčionys will be built with Nordic Solar's proprietary steel substructure, for which the company has obtained a European patent. The structure is optimised so that the mounted bifacial modules capture the most radiation. The same solution is used in the solar park in Molètai to optimise solar energy production from the back of the solar panels.

For further information, please contact:
Director, ESG, Impact & Communication, Mette Just Elkjær, Nordic Solar A/S
Tel +45 20 30 15 44, [email protected]

About Nordic Solar A/S
Nordic Solar is a Danish solar energy company which develops, constructs and operates utility-scale solar parks in Europe. Since its establishment in 2010, the need and the market for renewable energy have increased sharply, and Nordic Solar intends to play a key role in the energy transition. The company is owned by approx. 725 shareholders and employs more than 150 employees. Today, Nordic Solar operates solar parks with a total capacity of almost 500 MWp across Europe and has projects under development and under construction of close to 3 GWp.