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% 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.
