SEB Bank will provide EUR 2.7 million in financing to the real estate (RE) development and construction group Eika, which is investing in its own 5 megawatt remote solar power park in the Klaipėda district. This is the first and largest green loan for business in Lithuania in 2022, which meets all the objectives set in the SEB Green Bond Program.
“Despite geopolitical challenges, one of our bank’s goals is to promote investments in renewable energy projects. Especially in the current market situation, solar power plants are becoming even more attractive, as electricity prices are rising, making it difficult to predict future energy costs. For this reason, owning your own solar power plant takes on a different value, and also demonstrates the maturity of investors and their efforts to create a long-term and sustainable business. We believe that these investments will ensure the competitiveness of the Eika group of companies and at the same time help achieve the country’s green energy goals,” says Vilius Juzikis, Member of the Board of SEB Bank, Director of the Business Banking Service.
According to him, solar energy provides producers with the opportunity to save money, as the energy is cheaper compared to the price of electricity received from the distribution network, as well as to reduce dependence on energy imports from foreign countries.
“We appreciate that SEB Bank has shown leadership in helping us implement this sustainable energy project. The smooth granting of the loan not only helps us more effectively implement our sustainable operations strategy, but at the same time, in this global context, it is an important step to ensure energy independence and stability of energy costs for both ourselves and our clients as soon as possible,” says Domas Dargis, CEO of the real estate development and construction group of companies “Eika”.
The 5-megawatt solar power plant is planned to generate about 160 GWh of electricity during its lifetime. In total, the Eika group of companies plans to invest about 4 million euros in the project. The power plant equipment is already in Europe and on its way to the construction site, and the construction permit is expected by the end of March.
The country’s National Energy Independence Strategy sets ambitious goals to generate 45 percent of electricity from renewable energy sources by 2030, and 100 percent by 2050.