The new solar park is nearing completion, and will be connected to the grid in spring 2025.
This follows Nordic Solar’s earlier success in 2024, when it launched Lithuania’s first major solar park in Molètai, with a 100 MWp capacity. The new financing builds on a prior agreement with Swedbank for the Švenčionys project. Ignas Mačeika, a Swedbank Lithuania board member and head of corporate customer division, remarked: “Our continued partnership with Nordic Solar and the funding provided for its second solar park enables the rapid transformation of Lithuanian energy system towards a future based on renewables. Lithuania’s strategic goal is to have 100% locally produced electricity by 2030, while projects such as large solar parks bring that goal even closer.”
The Švenčionys funding, disbursed before construction ends, acts as a non-recourse construction financing arrangement. Tim Janusch Gadatsch, Nordic Solar’s chief investment officer, noted: “This is a solid financing solution that we have entered into with Swedbank, and it reflects how attractive this project is. Nordic Solar is pleased to contribute to strengthening Lithuania’s renewable energy production, which is high on the agenda in the country. A strong collaboration based on a shared vision is crucial for us to realise more solar energy projects in the country, and here again we have greatly appreciated the collaboration with Swedbank. This is not only an attractive financing solution, but an attractive opportunity to collaborate across borders to strengthen Lithuania’s ability to increase the share of solar energy in the energy mix and strengthen the energy supply in line with the country’s ambitious national targets.”
The solar park will feature Nordic Solar’s patented steel substructure, designed to optimize bifacial modules and maximize solar radiation capture. This technology, also used in the Molètai park, boosts energy output efficiency. On February 9, 2025, Lithuania, alongside Estonia and Latvia, disconnected from the Russian and Belarusian power grids, integrating into the EU continental grid, marking a significant step toward energy independence and renewable reliance. These solar initiatives support Lithuania’s aim for fully local electricity production by 2030.
