The European Bank for Reconstruction and Development (EBRD) has granted a 60 million euros loan to Ignitis Group.
The loan will be used to finance the expansion of the leading electric vehicle (EV) fast charging network Ignitis ON, developed by its subsidiary, Ignitis, including the installation of up to 600 stations across Lithuania, Latvia and Estonia by the end of 2027.
Darius Maikštėnas, CEO of Ignitis Group, commented that the funds granted by the EBRD will boost the availability of public EV charging points in the region and will help the Baltic states achieve their national energy and climate goals.
“Our charging network has tripled in 2024, and this year we will continue its active expansion across the Baltic states. These encouraging figures indicate a breakthrough in the development of EV infrastructure in the region, where we aim to lead in fast charging stations,” said Maikštėnas.
Some of the infrastructure will be built on the Trans-European Transport Network (TEN-T) corridors, thus contributing to the European Union’s transport decarbonisation targets, set out in Fit for 55 package while keeping on track with the European Green Deal.
“This investment will help address one of the key barriers to EV adoption – the lack of accessible, reliable charging infrastructure – and thus encourage the wider adoption of electric vehicles and enhance the regional connectivity,” stated Matteo Patrone, Vice President, Banking at the EBRD, when signing the financing agreement.
The project investments are estimated at around 76 million euros.
Additionally, the Group secured the right to a grant of up to 3.78 million euros under the Connecting Europe Facility’s programme Transport Alternative Fuels Infrastructure Facility.
The loan is granted for a period of ten years. The other terms and conditions of the loan are standard for corporate financing.
About Ignitis
Ignitis, a subsidiary of Ignitis Group, is developing the leading charging network in the Baltic states with a priority to expand its public network.
At the end of the first quarter of 2025, the Group had 1,286 points installed across the Baltic states.
In 2024, 4.6 GWh of electricity was consumed for charging EVs at Ignitis ON network across all Baltic states.
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