The Danish solar company Nordic Solar A/S has secured a USD 36.7 million non-recourse loan from Swedbank to finance its 100-MWp Moletai photovoltaic (PV) farm in Lithuania. Located in the Moletai region, approximately 60 km from Vilnius, this solar park is the largest in Lithuania and utilizes around 150,000 bifacial two-sided solar panels. Connected to the grid in April, the Moletai solar farm is projected to supply enough electricity to meet the annual needs of approximately 28,000 European households. This development marks a significant milestone in Lithuania’s renewable energy sector, particularly given the country’s ambitious targets to transition to renewable energy sources.
Strategic Partnership and Financing Details
The collaboration with Swedbank represents a noteworthy advancement in Lithuania’s renewable energy goals. Holger Bang, Nordic Solar’s Chief Investment Officer, emphasized the importance of this partnership with Swedbank in driving forward the development of solar energy projects. Although the specific terms of the credit agreement were not disclosed, such non-recourse loans are typically repaid through the generated income from the solar projects themselves, thereby minimizing financial risks for the borrower. This strategic financial move underscores the broader trend of increasing investment in renewable energy infrastructure across Europe, further solidifying Lithuania’s position in this continental pivot towards sustainable power solutions.
Broader Trends in Renewable Energy Investments
Nordic Solar A/S, a Danish company specializing in solar energy, has obtained a USD 36.7 million non-recourse loan from Swedbank to fund its 100-MWp Moletai photovoltaic (PV) farm in Lithuania. Situated in the Moletai region, around 60 kilometers from Vilnius, this solar farm is Lithuania’s largest. It features approximately 150,000 bifacial two-sided solar panels, which provide greater efficiency by capturing sunlight on both sides. The farm connected to the grid in April and is expected to generate enough electricity to meet the annual needs of about 28,000 European households. This project is a significant achievement in Lithuania’s renewable energy efforts, particularly as the nation aims to increase its reliance on renewable energy sources. The success of the Moletai solar park not only underscores Nordic Solar’s capabilities but also represents a crucial step towards Lithuania’s renewable energy targets, demonstrating the potential for large-scale solar energy solutions in Europe.
