Ignitis Group Secures €60 Million for Baltic EV Charging Expansion
Ignitis Group Partners with EBRD for New Financing
AB "Ignitis grup?" is excited to announce that it has entered into a significant financing agreement with the European Bank for Reconstruction and Development. This collaboration has resulted in a loan of EUR 60 million intended to bolster the company's initiatives in the electric vehicle (EV) charging sector.
Project Overview and Financial Details
The loan, which spans a period of 10 years, will primarily support the development of a public fast charging network for EVs across the Baltic region. It is worth noting that the overall investment for this ambitious project is projected to reach approximately EUR 76 million.
With the financial backing of this loan, Ignitis aims to install up to 600 fast charging stations throughout Lithuania, Latvia, and Estonia. This initiative is set to play a crucial role in transforming the region’s transportation landscape by upgrading infrastructure and advancing the usage of electric vehicles. By the end of 2027, the updated number of charging stations will significantly enhance EV accessibility for residents and travelers.
Additional Funding Support
The company has also secured potential grants under the Connecting Europe Facility's Transport Alternative Fuels Infrastructure Facility program, which grants up to EUR 3.78 million for EV infrastructure development. This dual financial approach highlights Ignitis’s commitment to a sustainable future.
Current Network Status
As of the end of the first quarter of the current year, the Group has successfully installed 1,286 EV charging points across the Baltic states. The momentum of this expansion is evidenced by the 4.6 GWh of electricity consumed in 2024 for charges at the Ignitis ON network. These figures reflect not only the growing demand for electric vehicle charging but also Ignitis’s leading role in meeting this demand in the Baltic region.
Impact on Financial Forecasts
The information pertaining to the financing agreement and subsequent initiatives will not have any bearing on the Group’s expected Adjusted EBITDA and Investment guidance for the current financial year. This assurance helps to maintain investor confidence in the stability and growth trajectory of the organization.
Contact Information
If you require further details about this financing agreement or the ongoing projects, feel free to reach out:
Communications
Valdas Lopeta
+370 621 77993
Email: valdas.lopeta@ignitis.lt
Frequently Asked Questions
What is the purpose of the EUR 60 million loan?
The loan is aimed at developing a public fast charging network for electric vehicles in the Baltic states.
How many charging stations will be installed?
Up to 600 EV fast charging stations are planned to be installed across Lithuania, Latvia, and Estonia.
What is the total estimated investment for the project?
The estimated total investment for this project is around EUR 76 million.
Will this loan affect the company's financial guidance?
No, the financing agreement will not impact the Group’s predicted Adjusted EBITDA and Investment guidance for the current year.
Who can I contact for more information?
You can contact Valdas Lopeta at +370 621 77993 or via email at valdas.lopeta@ignitis.lt.
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