TGS Baltic assisted Ignitis Group in signing a 105 million EUR long-term financing agreement with EIB

12.03.2024 TGS Baltic assisted Ignitis Group in signing a 105 million EUR long-term financing agreement with EIB

On March 12, Ignitis Group signed an agreement worth 105 million EUR with the European Investment Bank (EIB) for the 5th unit of the Kruonis Pumped Storage Hydroelectric Power Plant.

As part of the strategic expansion of the Kruonis hydroaccumulation power plant, on March 12, Ignitis Group signed a loan agreement for 105 million EUR financing with the European Investment Bank (EIB). These investments will be directed toward the construction of the 110 MW Unit 5 project. The loan is granted for a period of up to 16 years.

After the installation of the 5th unit of 110 MW, the capacity of Kruonis HAE will increase to 1,010 MW (from 900 MW, 4 units of 225 MW each) and will be one of the largest energy storage facilities in Europe. The planned completion date of the 5th block of Kruonis HAE is 2026. at the end

The 110 MW unit 5 of Kruonis, which is strategically important for Lithuania, will be built by „Voith Hydro GmbH and Co. KG“ (St. Pölten, Austria) and „Voith Hydro GmbH and Co KG“ (Heidenheim, Germany) consortium.

Ignitis Group was represented by TGS Baltic associate partner Sebastian Okinczyc and legal assistant Eglė Mikšytė.