Finance

European Energy plans battery at Lithuanian solar site

The Danish company has previously stated its intent to invest €1.6 billion ($1.8 billion) into wind and solar generation in the Baltic state.

By

Max Hall

Jun 03, 2025

Danish clean energy developer European Energy will use part of a €145 million loan package secured from two Swedish lenders to construct a battery energy storage system (BESS) at its Anykščiai solar park, in Lithuania.

A press release issued to announce the loans, from the Lithuanian operations of Skandinaviska Enskilda Banken AB (SEB) and Swedbank, did not specify the scale of the planned BESS but SEB Lithuania’s Tadas Jonušauskas said the co-located, solar-plus-storage site – which features 65 MW (AC) of PV generation capacity – would be able to provide 500 GWh per year of clean electricity. That would amount to 4% of Lithuania’s total electricity demand, said the SEB Lithuania board member and head of corporate banking.

European Energy said the loans would finance the continued operation of three “renewable energy assets” in Lithuania plus construction of the planned BESS.

Announcing the loans, European Energy Deputy Chief Executive Jens-Peter Zink said, “As we move into the next phase of our green transition, we are pleased to receive strong support from ambitious financial institutions such as SEB and Swedbank. Adding battery [energy] storage to our portfolio in the Baltics strengthens the resilience of our renewable energy production, supporting true energy independence and contributing to the fight against climate change.”

The developer today said it has installed around 450 MW of renewables sites in Lithuania and has 200 MW more solar and energy storage sites under construction in the country.

A post on the European Energy website, dated August 2023, stated the company had invested more than €460 million of a planned €1.6 billion into wind and solar power sites in the Baltic state. The portfolio at that point included six wind parks; further solar sites, at Jonava and Skuodas, due by 2026; and a planned €250 million “power-to-X” site to produce green hydrogen and e-methanol.

Lithuania has set a national target of sourcing all of its electricity from renewables by 2030.

Written by

Max Hall

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