International green energy company Ignitis Renewables has signed a limited recourse project financing agreement of EUR 82 million with the European Investment Bank (EIB) and the Nordic Investment Bank (NIB) for its 94 megawatt (MW) Pomerania wind farm in Poland.
This financing arrangement involves contributions from two lending partners, with the EIB providing EUR 52 million and the NIB offering EUR 30 million. Through this new project finance loan, Ignitis Renewables is replacing corporate financing secured from the EIB and NIB on 10 March 2020 and 14 October 2020, respectively. SEB will take the role of agent, security agent and account bank in this transaction.
"We're immensely thankful for the steadfast collaboration with the EIB and NIB, as their backing is fundamental to the success of our renewable energy projects. At Ignitis Group, we're at the forefront of driving green energy transition in the Baltic region and Poland, aiming for a future powered entirely by sustainable energy. This ambitious vision hinges on the support from key European financial institutions," says Ignitis Group CFO Jonas Rimavičius.
Pomerania wind farm is located in the Pomeranian Voivodship in Poland and produces roughly 300 gigawatt-hours (GWh) of renewable electricity per year. The project reached commercial operations in December of 2021.
