NIB supports energy resilience in the Baltics
- NIB has signed a EUR 60 million, 7-year loan with energy company Gren Group to co-finance investments in energy infrastructure across Estonia, Latvia and Lithuania.
- The project includes investments in infrastructure such as district heating and cooling networks, combined heat and power production, and in industrial energy services.
- The loan agreement has an option to increase the loan size by an additional EUR 15 million.
The investments include investments to essential energy infrastructure across the three Baltic countries, including expansion of existing district heating systems, building a renewable heat production facilities, and investments in Battery Energy Storage Systems (BESS).
These investments will strengthen the energy infrastructure, increase system flexibility, and contribute to the diversification of the regional energy mix, strengthening the three Baltic countries’ energy resilience.
NIB’s loan is part of a broader EUR 1.15 billion financing package for the Gren Group’s Baltics perimeter, involving a diverse group of infrastructure lenders, as well as local, European and global financial institutions.
“We are supporting essential energy resilience of the Baltic countries through a project backed by a broad base of regional and international banks,” says André Küüsvek, NIB President and CEO.
“We are pleased to have the NIB join us in this landmark refinancing of Gren Baltics. NIB joins a strong group of lenders that will support our Baltics business with its next phase of development, as we continue to expand our sustainable energy infrastructure across the Baltics,” Ilkka Niiranen, CEO of Gren Group said.
Gren Group is a Northern European energy solutions infrastructure platform, operating in Estonia, Finland, Latvia, Lithuania and the United Kingdom. In the Baltics, Gren provides district heating and cooling, and industrial energy services, operates combined heat and power plants, and develops solutions based on local sustainable resources.
NIB is the international financial institution of Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway, and Sweden. The Bank finances projects that improve productivity and benefit the environment of the Nordic-Baltic region. 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.
Contact:
Tore Emanuelsson, Senior Banker, +358 50 431 6436, tore.emanuelsson@nib.int
Tommy Hellström, Associate Communications Officer, +358 10 618 0214, tommy.hellstrom@nib.int
