VILNIUS, June 3 (Xinhua) -- European Energy has closed a 145 million euro (165 million U.S. dollars) long-term loan agreement with SEB Lithuania and Swedbank Lithuania for renewable energy, the Baltic News Service (BNS) reported on Tuesday.
The financing will support the continued operation of three renewable energy assets in Lithuania, as well as the development and construction of a new co-located battery storage facility, according to BNS.
"Adding battery storage to our portfolio in the Baltics strengthens the resilience of our renewable energy production, supporting true energy independence and contributing to the fight against climate change," European Energy Deputy CEO Jens-Peter Zink was quoted as saying in a press release.
The company currently operates wind farms with a total capacity of 121 megawatts (MW) in Telsiai and a 78.5-MW solar park in Anyksciai. The loan will fund the construction of a new battery storage facility, which will be co-located with the solar park.
European Energy is one of the largest renewable energy developers in Lithuania. To date, the company has constructed approximately 450 MW of renewable energy capacity and currently has around 200 MW of additional solar and energy storage capacity under construction.
European Energy develops renewable energy projects in 23 countries worldwide. The company launched operations in Lithuania in 2018. ■
