Aquila Clean Energy secures EUR 125 million green Loan for development of Windfarm Akmenė Two

With the support of COBALT, Aquila Clean Energy managed project company Windfarm Akmenė Two secured a significant EUR 125 million green loan from SEB Bank. The loan will be used for the construction of an onshore wind energy farm in the Akmenė district, which will have a capacity of 99.2 megawatts (MW) with 16 turbines, each generating 6.2 MW. It is expected to be operational by 2026.

Windfarm Akmenė Two is our client’s second wind energy farm project launched in northern Lithuania. The first one was Windfarm Akmenė One with a capacity of 74.4 MW and was also financed by SEB Bank through a green loan which we were also glad to support our client with. This financing is one of the most significant recent transactions in the field, and it directly responds to Lithuania’s growing demand for renewable energy in its path to achieving energy independence and decarbonization.

Last year, Lithuania produced 3,972 TWh of electricity from renewable sources, accounting for 70 percent of the total production. More than half of it came from wind energy. This increase in wind energy production has significantly contributed to Lithuania’s goal of energy independence. Local production now covers 48 percent of the country’s total electricity demand, which is the highest number since 2010. Looking ahead, Lithuania’s national independence strategy aims for 100 percent of electricity requirements to be generated from renewable sources by 2050.

In this project, the COBALT team led by partners Simona Oliškevičiūtė-Cicėnienė and Akvilė Bosaitė and Senior Associate Vytautas Vosylius supported Aquila Clean Energy in negotiations with the bank on the loan documents and provision of collaterals, and ensured timely conclusion of the transaction.