Ignitis Group in Lithuania has reached an agreement with European Investment Bank (EIB) for a €60m loan for its 94MW Pomerania wind farm project in Poland.
On 24 February the Ignitis Group board approved the first-call guarantee agreement for the loan.
Following on, the group’s subsidiary UAB Ignitis Renewables, which owns the Pomerania Wind Farm special purpose company, will sign an agreement with EIB for pledging 100% of its shares of Pomerania Wind Farm “in favour of the lender”.
Under the terms of the agreement the loan is to be repaid by 31 December 2035.
Construction works for the project began in July 2019 and the wind farm is expected to be operational in 2021.
Sustainable development based on the implementation of renewable energy projects, both in Lithuania and abroad, is a “key priority” of Ignitis Group’s 2030 strategy.