November 30 (Renewables Now) - Lithuania-based utility Ignitis Group (VSE:IGN1L), or AB Ignitis Grupe, on Friday said it has agreed to provide a loan of up to EUR 83 million (USD 99.5m) to its subsidiary Ignitis Renewables for the development of a 63-MW wind park project.

The utility plans to draw the loan from the green bond proceeds it has raised. The loan can be repaid on July 10, 2028 or earlier, the group said.

The funds will be used for the development of a 63-MW wind park in Lithuania's Mazeikiai region. Last week, UAB VVP Investment, a developer controlled by Ignitis Renewables, announced entering into an agreement with German turbine maker Nordex SE (ETR:NDX1) for the supply of 14 wind turbines, installation and maintenance services.

Ignitis expects to soon sign the loan agreement. Construction of the wind park is due to be finalised by the end of 2022.

(EUR 1.0 = USD 1.199)

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