"The loans will allow businesses to invest in goods and services created using their own electricity. These loans will finance all stages of the installation of renewable energy plants, from the adaptation of infrastructure, the purchase of electrical equipment and electricity storage devices, to the installation and construction of the plants. This is important for business and for the Lithuanian economy as a whole, as it would increase the competitiveness of companies and take a step towards energy independence for our country," said Aušrinė Armonaitė, Minister of the Economy and Innovation.
Micro, small and medium-sized enterprises (SMEs), large enterprises and farmers can apply for loans to install renewable energy plants. The maximum duration of a granted loan is 10 years. Several loans may be granted to one borrower, but the total amount of the loans cannot exceed EUR 10 million.
"Lithuania is moving towards the European target of a 32% share of renewable energy in the total energy consumption by 2030. With this financial assistance, entrepreneurs and farmers can access funding for solar and wind power projects - from the purchase of a land plot or solar panels to the full installation of the power plants. These are very worthwhile investments that will help reduce energy bills significantly in the future," says Inga Beiliūnienė, Deputy Director General and Business Development Director at UAB Investicijų ir verslo garantijos (INVEGA).
Businesses will be able to use the loan to set up land plots, install infrastructure and engineering networks in land plots, and conduct works of installation of security systems if a solar or wind farm is to be built on land. The loan can also be used to finance electrical equipment, structures, cables and related installation and construction works required for the solar and wind power plants conducted under a contract agreement.
Loans would also be made available for the construction of an electricity cable to the point of connection of the solar and wind farm, for connecting the network of the energy distribution operator, and for the purchase of energy storage devices such as solar panels.
The planned interest rate is 1%, with + 6-month EURIBOR margin for the construction or installation of a solar or wind power plant, or 2.5% and + 6-month EURIBOR margin for investments in solar or wind farm development projects for generating consumers.
This facility will be implemented through the INVEGA Fund.
For more details on the loan conditions, click here.
