Nordic Solar and Swedbank Partner on €80 Million Financing for 80 MW Solar Park in Lithuania

Nordic Solar A/S and Swedbank Lietuvoje have signed a double-digit million-euro financing agreement for the development of an 80 MW solar park in Švenčionys, Lithuania.

This will be Nordic Solar’s second solar park in the country, following their successful 100 MWp Molėtai project, which was completed in 2024 and remains the largest solar park in Lithuania to date.

The new solar park will be located about 80 kilometers north of Vilnius, and it will feature Nordic Solar's proprietary steel substructure, which is patented in Europe. This innovative structure will allow the installation of bifacial modules, optimized to capture maximum solar radiation and enhance energy production.

Tim Gadatsch, Chief Investment Officer at Nordic Solar, expressed satisfaction with the financing agreement, noting that it reflects the project’s appeal and the company’s commitment to supporting Lithuania’s renewable energy production. He further emphasized the importance of collaboration with Swedbank to achieve the country’s ambitious energy targets.

Swedbank Lithuania’s Ignas Mačeika also commented on the significance of the partnership, highlighting how the project aligns with Lithuania's strategic goal to produce 100% of its electricity locally by 2030. He believes that large-scale solar parks like this one will play a critical role in achieving that target.

This financing agreement reinforces both Nordic Solar's and Swedbank's shared vision for sustainable energy development in Lithuania, and the project is expected to contribute to the country’s energy transformation and increasing share of solar energy in its energy mix.