On 9 March 2023, Ignitis Group's subsidiary UAB Vilniaus Kogeneracinė Jėgainė (Vilnius CHP) concluded an agreement for a EUR 220 million loan with AB Swedbank. The funds will be used to finish construction of the biomass unit and to refinance Vilnius CHP's long-term loan; on the same day, Ignitis Group and Swedbank also agreed on a credit line of up to EUR 80 million.

Of the loan from Swedbank, approximately EUR 85 million will be used to complete the ongoing construction of the biomass unit, while the remaining EUR 135 million will refinance the loan previously granted to Vilnius CHP by the European Investment Bank, which the Group is now taking over.

Ignitis Group CFO Jonas Rimavičius notes that Swedbank remains one of the Group's most reliable partners — having helped last year to overcome the energy crisis by providing a EUR 300 million credit line, it is now financing one of the Group's biggest projects, a result of long and consistent cooperation. Swedbank Lithuania CEO Inga Skisaker added that the bank values its long-term cooperation with Ignitis Group and believes the financing will help the Group successfully complete its ambitious projects.

Vilnius CHP's entire investment portfolio, including the biomass unit, totals approximately EUR 420 million — EUR 220 million financed through loans, an estimated EUR 140 million through EU funding, and the remainder from the company's own resources. At the time, the biomass unit was undergoing cold tests, with hot testing preparations underway and commercial operations set to begin in Q3 2023. The additional EUR 80 million credit line partially refinances two EUR 150 million credit line facilities of subsidiary Ignitis and is intended for working capital needs.

Vilnius CHP will be one of the most modern combined heat and power plants in Europe, with an estimated total electric capacity of 93 MW and heat capacity of 239 MW once the project is finalized.