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Asia Connect / Europe
LT Energija inks €326 million loan for Lithuania wind farm
Pagegiai set to be the largest greenfield onshore wind power plant in the Baltic region when completed in 2026
Michael Marray 17 Apr 2024

KfW IPEX-Bank, NordLB and Nordic Investment Bank have signed a €326 million (US$345.87 million) long-term financing package with LT Energija to support the construction and operation of the Pagegiai onshore wind farm in Lithuania.

Part of the financing benefits from an Euler Hermes export credit cover. LT Energija is a special purpose company owned by the Lithuanian renewable energy developer and operator UAB Renerga, which is part of the Achemos Group.

After its planned completion in 2026, Pagegiai will be the largest greenfield onshore wind farm in the Baltic region. With 40 wind turbines from Nordex, it will provide a total installed capacity of 264 megawatts.

The purchase of the clean electricity is secured by a long-term contract within the Achemos Group. The Pagegiai wind farm will make an essential contribution to decarbonizing the supply chains of Achema, the largest chemical company in the Baltic region and a member of the Achemos Group.

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