The European Investment Bank (EIB) signed a financing agreement for 105 million euros as part of the strategic development of the Kruonis Pumped Storage Hydroelectric Power Plant (Kruonis PSHP) in Lithuania, operated by Ignitis Gamyba. The investments will be directed towards the construction of the 5th unit with a capacity of 110 megawatts (MW).
“We are delighted to sign the agreement with the European Investment Bank, which opens the door to new opportunities by expanding Kruonis PSHP infrastructure and implementing sustainable energy solutions for the future,” said Jonas Rimavičius, Group CFO and Member of the Management Board. “The necessary investments will also increase electricity production and facilitate the development of green generation.”
With the installation of the 5th unit, the capacity of Kruonis PSHP will increase to 1,010 MW (from 900 MW with 4 units, 225 MW each), which will make it one of the largest energy storage facilities in Europe. The 5th unit of Kruonis PSHP should be completed by the end of 2026.