- EBRD invested record €540 million in the Baltic states in 2024
- Figure driven by record delivery in Estonia and Lithuania
- 95 per cent invested in green projects
The European Bank for Reconstruction and Development (EBRD) invested a record €540 million in the Baltic states in 2024, surpassing the previous record of €358 million, which was set in 2022, and the €323 million seen in 2023.
In Estonia, the EBRD invested a record-breaking €244 million in 14 projects – the highest ever annual investment in the country. Likewise, in Lithuania, the Bank invested €233 million in 18 projects, surpassing its 2022 record of €208 million. In Latvia, the EBRD invested €63 million in 10 projects, down on last year’s record level of €135 million.
A record 95 per cent of that investment (€516 million) was in projects supporting the three countries’ transitions to greener, more sustainable economies.
The Bank continued to actively support pan-Baltic and local companies in capital markets as an anchor investor. With the fundraising environment remaining challenging, the Bank’s investments in regional equity funds bridged funding gaps, providing comfort for foreign investors, with examples of such investments including the Bank’s €20 million equity commitment in the pan-Baltic EfTEN Special Opportunities Fund.
Tomas Kairys, Head of the Baltic States at the EBRD, said: “We have had strong delivery in the region, driven by record investment in Estonia and Lithuania – particularly in green projects, supporting the region’s transition to carbon-neutrality. Our results are testament to the EBRD’s continued effectiveness as a climate financier and its ability to respond to market needs. We are excited about the year ahead and stand ready to invest more in the region.”
The overwhelming majority of the Bank’s investment was aimed at developing the region’s renewable energy sources amid increased momentum in the renewable energy sectors of the three countries.
Two of the highlights of the EBRD’s activity in the Baltic states are its €100 million loan to Enefit Green for the construction and operation of the 255 MW Sopi-Tootsi wind park in Estonia and its €22 million investment in the KC Pihlaka solar park.
The Bank also supported Lithuanian independent power producer Green Genius’s regional expansion plans with a €100 million equity investment, as well as increasing its equity stake in the pan-Baltic renewable energy producer Sunly with an additional €36 million.
In Lithuania, the EBRD continued to support sustainable urban development with a €40 million follow‑on loan to Vilnius’s public transport company VVT for the purchase of 73 additional electric trolleybuses and up to 85 battery electric buses.
The Bank also lent €25 million to Šiaulių Bankas’ energy efficiency fund to finance energy efficiency renovations of multi-apartment buildings in Vilnius, contributing to the decarbonisation of the city’s housing stock. And through its €15 million equity investment in regional charging point operator Eldrive, the EBRD supported the newly opened Panevėžys EV charging park, the first such park in Lithuania.
To date, the EBRD has invested almost €1.18 billion through 122 projects in Estonia, more than €1.19 billion through 116 projects in Latvia, and more than €1.77 billion through 141 projects in Lithuania.
Overall, the EBRD invested a record €16.6 billion across its various economies in 2024, with 58 per cent of those investments targeting the green economy.