European Energy secures €145M for hybrid solar project in Lithuania

European Energy, a Denmark-based renewable energy developer, has secured a €145 million (~$165 million) loan from SEB Lithuania and Swedbank Lithuania to support its hybrid energy projects. The financing is covering the 60 MW Telšiai I and Telšiai II wind farms, the 78.5 MW Anykščiai solar park, and a battery storage facility located at the solar site. European Energy stated that the combined installation would generate 0.5 TWh annually, satisfying about 4% of Lithuania's electricity demand. Lithuania currently imports around 44% of its electricity as of 2024 despite having a goal of sourcing all its demand with renewables by 2030. The company has already built 450 MW of renewable capacity in Lithuania and is building another 200 MW in solar and storage to ensure energy independence and system robustness.