Ignitis Grupe EV Charging (EBRD-55637)

Regions
  • Europe and Central Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • Estonia
  • Latvia
  • Lithuania
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Sep 11, 2024
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Ignitis Grupe AB
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Energy
  • Infrastructure
  • Transport
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 66.06 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 60
Converted using 2024-09-11 exchange rate.
Loan Amount (USD)
$ 66.06 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 60
Converted using 2024-09-11 exchange rate.
Project Cost (USD)
$ 83.68 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 76
Converted using 2024-09-11 exchange rate.
Bank Documents
Primary Source

Original disclosure @ EBRD website

Updated in EWS Jun 9, 2025

Disclosed by Bank Jun 4, 2025

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

As stated by the EBRD, the project consists of a senior, unsecured, corporate loan of up to EUR 60.0 million to AB Ignitis Grupe to support the development, construction, equipment and operation of Electric Vehicles (EV) charging stations in the Baltic countries. As part of the Project, the Company is expected to benefit from an up to EUR 3.78 million grant financing under the EU Alternative Fuels Infrastructure Facility. The Project will finance up to 600 public EV charging stations across Lithuania, Latvia and Estonia.

The Bank's loan proceeds will be used for the roll-out of the charging stations for electric vehicles in the Baltic countries. The EV charging services market in the Baltic countries is in its development stage, lagging behind that in Western Europe in infrastructure and density. With this financing, the Company aims to fortify and expand its position in Lithuania, while creating a comprehensive public EV charging network in Latvia, focusing on strategic sites, ensuring optimal locations which cater to local demand and high-traffic areas, and penetrating gradually the Estonian EV charging services market.

According to the EBRD, 100% of the electricity used for operation of EV charging stations and provision of EV charging services will be produced through renewable sources.

With the creation of ca. 600 public charging stations, the Project will promote significant expansion of the current public EV charging network infrastructure within the Baltic countries, where such infrastructure and provision of EV charging services are of inadequate quality.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

As stated by the EBRD, Ignitis Group is a renewables-focused integrated utility, the largest public company in the Baltic states. The Group comprises more than 50 companies operating in the Baltic states, Poland and Finland, active in green electricity generation and development of green and flexible technologies, energy distribution and supply, development of energy-smart solutions and other related activities. As of YE2024, the Group generated consolidated revenues of ca. EUR 2.3 billion and adjusted EBITDA of EUR 527.9 million.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Ignitis Grupe AB Client Energy

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Client - Ignitis Grupe AB:

Tomas Kalvaitis
Email: Tomas.Kalvaitis2@ignitis.lt ; treasury@ignitis.lt
Phone: +370 699 75948
Website: www.ignitisgrupe.lt
Address: Ignitis Grupe, Laisves pr. 10, LT-04215, Vilnius, Lithuania

ACCESS TO INFORMATION

You can request information by emailing: accessinfo@ebrd.com or by using this electronic form: https://www.ebrd.com/eform/information-request

ACCOUNTABILITY MECHANISM OF EBRD

The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent.

You can contact the PCM at: pcm@ebrd.com or you can submit a complaint online using an online form at: http://www.ebrd.com/eform/pcm/complaint_form?language=en

You can learn more about the PCM and how to file a complaint at: http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html

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