Sustainable Resources Development platform - JV of VIPA and eeef - will allocate 2.4 million euros for the development of the solar plant in Lithuania

In January 2022, the platform signed loan agreement for a solar plant development in Grikapalis in Lithuania with UAB Solarbank, owned by the major shareholder Open Circle Capital fund and equipped with the solar modules produced in Lithuania by Solitek. Compared to the most modern gas-fired power plant in Lithuania, this solar plant will save 1,478 tons of CO2 equivalent per year by producing the same amount of electricity, and thus contributing to avoid the effects of climate change.

The new agreement is intended for financing the second phase of the development of this solar plant. The first phase was also funded by VIPA and completed in November 2021. Phase II loan amounts to 1.09 million euros, while the total sum of loans is 2.4 million euros.

The Grikapalis solar plant was built in the territory covering 17 hectares. The total capacity (Phases I and II) will be 3,350 kW, and the farm will produce more than 4,522,500 kWh of energy per year. More than 500 individuals and legal entities will own the plant and become producers of green energy.

“The fact that our funded projects are gaining continuity shows that sustainable investment is attractive and that services provided by solar farms are in demand. We have been increasing energy efficiency together with developers, individuals and entrepreneurs who choose green energy, thus creating a more sustainable future,” says Asta Gladkauskienė, Head of VIPA’s Private Customer Department.

Grikapalis solar plant is equipped with the Solitek Glass-Glass solar modules. Solid bifacial double-sided solar modules collect not only direct sunlight, but also its reflections from the ground or roof. Thanks to this technology, solar modules can also generate up to 45% more electricity.

For the Glass-Glass solar modules 30 years performance guarantee is given and 87% efficiency guarantee after 30 years. These solar modules are fully recyclable and certified by the Cradle to Cradle Innovation Institute as the greenest photovoltaic solar modules in the world.

VIPA is a national promotional institution established by the Government of the Republic of Lithuania, which operates in the fields of development of urbanized or urbanizing areas, housing and renovation and development of public or public interest infrastructure, and promotion of energy efficiency.

The European Energy Efficiency Fund (eeef) S.A., SICAV-SIF is a “societé d’investissement à capital veriable” governed by Luxembourg law and was initiated by the European Commission in cooperation with the European Investment Bank. The capitalization is provided by European Commission, European Investment Bank, Cassa Depositi e Prestiti, Deutsche Bundesstiftung Umwelt, as well as the Investment Manager, DWS.