Lithuania Launches Loan Facility for Energy Storage Installations

The Ministry of Energy of Lithuania has announced the launch of a loan facility aimed at supporting the establishment of energy storage installations throughout the country. With a total budget of up to €100 million, this initiative seeks to bolster Lithuania's capabilities in energy storage alongside renewable energy generation.

Aiming for Leadership in the Baltic Region

Žygimantas Vaičiūnas, the Minister of Energy, emphasized the country’s ambition to become a leader in the Baltic region concerning both green power generation and energy storage solutions. "Based on transmission grid reservations for storage and the activity of developers, we see that we can become a leader in the Baltic region not only in the development of green power generation but also in the development of storage facilities," Vaičiūnas stated.

He further highlighted that the synergy between renewable energy generation and storage technologies will play a crucial role in achieving full energy self-sufficiency for Lithuania. To support this objective, the government is developing various incentive instruments that will help facilitate these advancements.

Expanding Loan Opportunities

The existing loan program, named “RES Loans to Legal Entities,” will undergo amendments to broaden its scope. Previously focused solely on funding the construction of solar and wind power plants, the revised program will now also provide financial assistance for the installation of energy storage systems at renewable electricity generation sites.

The management of this loan facility will be handled by the National Development Bank ILTE, which will oversee the distribution of funds to eligible projects.

This initiative marks a significant step forward for Lithuania as it enhances its energy infrastructure and aligns its goals with sustainable energy practices. The Ministry’s efforts underscore the commitment to creating a more efficient and self-sufficient energy landscape in the country.

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