Latvian Bank Funds Lithuanian Solar Parks

• Latvia's Citadele Bank fuels green energy growth in Lithuania with EUR 19.8 million for solar parks by Estonian developer Evecon. Powering businesses and public institutions with sustainable electricity.

Latvia-based Citadele Bank has provided EUR 19.8 million in debt financing to support the construction of a portfolio of solar parks in Lithuania. Estonian renewables developer Evecon will use the funding to install photovoltaic plants in Birzai and Jurbarka, generating electricity for business clients and the public sector.

The solar parks in Jurbarka will primarily serve corporates, while those in Birzai will provide electricity for public institutions such as the Presidency of the Republic of Lithuania and Vilnius University. Evecon has already deployed over 220 MW of solar PV capacity since 2020 and has an additional 200 MW portfolio under construction, with a total development pipeline in the Baltic States exceeding 4 GW.

What is the purpose of the debt financing provided by Citadele Bank in Lithuania?

• The purpose of the debt financing provided by Citadele Bank in Lithuania is to support the construction of a portfolio of solar parks in the country.
• The funding will be used by Estonian renewables developer Evecon to install photovoltaic plants in Birzai and Jurbarka, with the aim of generating electricity for business clients and the public sector.
• The solar parks in Jurbarka will primarily cater to corporates, while those in Birzai will provide electricity for public institutions such as the Presidency of the Republic of Lithuania and Vilnius University.
• Evecon has a track record of deploying over 220 MW of solar PV capacity since 2020 and currently has an additional 200 MW portfolio under construction.
• The total development pipeline of Evecon in the Baltic States exceeds 4 GW, showcasing the company's commitment to renewable energy projects in the region.