Ignitis Group concluded EUR 105 million long-term financing agreement with EIB

AB “Ignitis grupė” (hereinafter – the Group) informs that on 12 March 2024 the Group signed a financing agreement for the 5th unit (110 MW) of Kruonis Pumped Storage Hydroelectric Power Plant (hereinafter – Kruonis PSHP) of EUR 105 million (hereinafter – the Loan) with the European Investment Bank (hereinafter – EIB).

The Loan is concluded for a period of up to 16 years. The Loan does not include additional measures ensuring the fulfilment of obligations.

The Group reminds that after the 5th unit (110 MW) is installed, the capacity of Kruonis PSHP will increase to 1,010 MW (from 900 MW, which is 4 units, 225 MW each). Investments in all project-related activities are expected to conclude around EUR 150 million. The project is estimated to be completed at the end of 2026.

The Group notes that Kruonis PSHP’s 5th unit will significantly contribute towards the energy independence of the region, help ensure the development of renewable energy sources and the reliability of the energy system.

The information provided in this notification does not change the Group’s Adjusted EBITDA and Investments guidance for 2024.

For more information, please contact:

Artūras Ketlerius

Head of Corporate Communications at Ignitis Group