NIB funds the Baltics’ largest onshore wind farm

• The 314 MW Kelmė wind farm in Lithuania is the largest in the Baltics to date.
• It will generate enough electricity to power around a quarter of a million households and cover a twelfth of Lithuania’s total annual electricity consumption.
• NIB’s EUR 40 million financing has a maturity of 15.5 years, providing long-term capital and a diversified funding base.

NIB is providing two loans totalling EUR 40 million to Ignitis Group’s companies UAB Vėjas LT and UAB Windlit. The Bank’s financing supports the construction and operation of the Kelmė wind farm, including the associated civil and electrical infrastructure.

Located in western Lithuania, the wind park has been operational since June 2025 and consists of 44 state-of-the-art wind turbines, each with a capacity of around 7 megawatts (MW) and a height of up to 240 metres. They are the most powerful wind turbines ever installed in Lithuania.

The combined capacity of 314 MW makes the Kelmė wind farm the largest in the Baltic countries to date, generating enough electricity to power around 250,000 Lithuanian households.

“Kelmė wind farm is a significant milestone not only for Ignitis Group but for Lithuania’s energy future. This is the largest debt financing ever raised at one time by Ignitis Group and is crucial in bringing projects like this to fruition. Our financial partners’ support underscores the importance of collaboration in achieving our ambitious goal of reaching 4–5 gigawatts (GW) of installed green generation capacity by 2030,” says Jonas Rimavičius, Ignitis Group Chief Financial Officer.

Jeanette Vitasp, Head of Lending at NIB, says: “Following our successful cooperation on Ignitis Renewables’ wind projects in Poland and Lithuania, we’re proud to strengthen the partnership and support the region’s move towards sustainable energy. Kelmė wind farm is strategically important—it not only significantly expands Lithuania’s renewable energy capacity but also accelerates the region’s transition to cleaner power.”

With wind energy already supplying 27% of Lithuania’s electricity, the Kelmė project marks a major step forward in meeting national energy needs using clean, domestic sources. The wind farm is a cornerstone of Lithuania’s renewable-energy strategy, advancing national and European Union climate goals. The total investment by Ignitis Group in Kelmė wind farm, including acquisition and construction costs, is estimated at EUR 550 million.

As a renewables-focused integrated utility, Ignitis Group is committed to a greener future. The company aims to deliver 4–5 GW of installed green capacity by 2030 and achieve net-zero emissions by 2040–2050, thereby strengthening its contribution to Europe’s decarbonisation and energy security.

NIB is the international financial institution of Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. NIB finances projects that improve productivity and benefit the environment of the Nordic-Baltic region. The Bank was founded in 1975 and began operations in 1976. The Baltic countries joined in 2005. The Bank is headquartered in Helsinki, with a regional hub in Riga. NIB has the highest possible credit rating, AAA/Aaa, with S&P Global Ratings and Moody’s.

Contacts:
Martin Lundström, Associate Director, Project and structured finance, +358 10 618 0426, martin.lundström@nib.int

Elīna Neimane, Senior Communications Officer, +358 10 618 0871, elina.neimane@nib.int