OP Corporate Bank plc grants EUR 23.5 million to Utilitas Wind Group for wind park development in the Baltics
Continuing its support for renewable energy development in the region, OP Corporate Bank plc Latvia branch has granted a EUR 23.5 million loan to the Utilitas Wind group. The financing will be used for new wind park development projects across the Baltics, as well as for the acquisition of a second large-scale battery energy storage system.
Utilitas Wind is one of the largest wind energy producers in the region, operating and developing wind parks in Estonia, Latvia, and Lithuania. Of the total financing provided by OP Corporate Bank, EUR 20.9 million will be invested in the development of new wind parks in the Baltics. An additional EUR 2.6 million is allocated for the purchase and installation of a second 10 MW / 20 MWh battery energy storage system in Latvia. This system will enable energy storage and ensure that electricity generated by wind parks can be delivered to consumers during times when the power system experiences electricity shortages. It is expected to be connected to the grid by the end of this year.
Elmārs Prikšāns, General Manager of OP Corporate Bank plc Latvia branch, emphasized: “Support for sustainability projects and the transition to green energy is our strategic priority in the Baltics. By financing such initiatives, we not only help our customers achieve their goals but also strengthen the region’s energy independence and contribute to the development of a secure, green energy system aligned with climate goals. We are pleased to continue our successful cooperation with the Utilitas Wind Group.”
“Our energy investment projects are driven by a long-term perspective on the sector’s development. We are pleased to see that our cooperation with OP Corporate Bank plc Latvia branch is built on shared values and professionalism,” says Renārs Urbanovičs, Member of the Board at SIA Utilitas Wind.
This marks the third project supported of OP Corporate Bank. In 2021, the bank co-financed the construction of the Tārgale onshore wind park in Ventspils municipality, and in 2023, it provided a loan for the first energy storage system in Latvia.
About SIA Utilitas Wind
Utilitas Wind is a leading wind energy developer in the Baltic region, operating in Estonia, Latvia, and Lithuania. The company specializes in designing and managing renewable electricity solutions, with a strong focus on wind energy. SIA Utilitas Wind, the group’s Latvian subsidiary, has installed an energy capacity of 78.8 MW in Latvia since autumn 2022. It generates an average of 170 GWh of electricity annually, which is enough to meet the electricity needs of approximately 55,000 households.
About the Latvian branch of OP Corporate Bank plc
OP Corporate Bank plc is the central bank of OP Financial Group, Finland's largest financial services provider. It started its operations in Latvia in 2012 and is one of the leading banks in the country in terms of loan volume issued to medium and large enterprises. The bank provides financial services to leading companies in Latvia and play an important role in the long-term development of the country and the entire region.