Swedbank Funds $37M for Lithuanian Solar Project

• Nordic Solar A/S secures DKK 245 million to power Lithuania’s largest solar park, advancing renewable energy and supporting 28,000 households. A bright future for sustainability!

Danish solar company Nordic Solar A/S has secured DKK 245 million (approximately USD 36.7 million) in financing from Swedbank for its 100-MWp Moletai photovoltaic (PV) farm in Lithuania, the largest solar park in the Baltic nation. This funding, part of a non-recourse credit agreement, will support the development of renewable energy in Lithuania, which is focusing on ambitious solar energy targets.

The Moletai solar park, located about 60 km from Vilnius in northeastern Lithuania, consists of around 150,000 bifacial solar panels and was connected to the grid in April. It is projected to supply electricity for approximately 28,000 European households annually, marking a significant step toward the country's renewable energy goals, as stated by Nordic Solar's Chief Investment Officer, Holger Bang.

How does Nordic Solar's Moletai farm contribute to Lithuania's renewable energy ambitions?

- Strengthening Lithuania's Renewable Energy Infrastructure: The Moletai solar farm plays a pivotal role in enhancing the renewable energy infrastructure in Lithuania, which is crucial for the country’s transition towards a sustainable energy model. By increasing the capacity for solar energy generation, the farm supports the national objective of reducing reliance on fossil fuels.

- Contribution to National Energy Independence: The development of the Moletai solar park aligns with Lithuania's strategy to achieve energy independence. This large-scale solar project decreases the country's dependency on imported energy sources and enhances energy security.

- Boosting National Solar Energy Capacity: As the largest solar park in Lithuania, the Moletai facility significantly contributes to the country's overall solar capacity. With its 100 MW output, it demonstrates how large-scale projects can effectively boost renewable energy reliance, paving the way for future investments in solar energy.

- Job Creation and Economic Growth: The establishment and operation of the Moletai solar farm are likely to generate jobs in construction, maintenance, and operation sectors. This contributes to local economic development, providing new job opportunities and enhancing skillsets within the community.

- Environmental Benefits: The use of bifacial solar panels at the Moletai facility maximizes energy capture while minimizing land use. This approach not only promotes renewable energy production but also contributes to lowering greenhouse gas emissions, helping Lithuania meet its climate targets.

- Innovation in Renewable Technology: The implementation of advanced photovoltaic technology, such as bifacial solar panels, showcases Lithuania's commitment to innovation in renewable energy. This can attract further technological advancements and investment in the sector, enhancing the country’s position as a leader in renewable energy.

- Support for EU Climate Goals: Lithuania's renewable energy advancements through projects like the Moletai solar park align with the European Union's broader climate objectives, which aim to achieve carbon neutrality by 2050. This project contributes to the EU’s target of meeting at least 32% of its energy consumption from renewable sources by 2030.

- Community Engagement and Energy Awareness: The large-scale deployment of solar energy through the Moletai farm can serve as a model for community engagement in renewable energy initiatives. It raises awareness about the benefits of solar energy among local residents, encouraging future participation in similar projects.

- Long-Term Energy Stability: By investing in renewable sources like the Moletai solar park, Lithuania secures a stable and sustainable energy supply, reducing vulnerability to global energy market fluctuations and fostering long-term economic stability.

- Potential for Future Expansion: The success of the Moletai solar park could inspire additional solar energy projects across Lithuania, fueling further growth in the renewable energy sector and ensuring that Lithuania meets its increasing energy demands sustainably.