The European Bank for Reconstruction and Development (EBRD) invested a record €654 million in the Baltic states in 2025, surpassing the previous high of €540 million set in 2024. This figure was driven by record delivery in Latvia and Lithuania, and consistently strong performance in Estonia.
In Estonia, the EBRD invested €155 million across 14 projects, supporting clean power generation, grid upgrades and digital infrastructure. In Latvia, the Bank invested a record-breaking €160 million across 13 projects, the highest annual investment figure to date. Likewise, in Lithuania, annual investment reached an all-time high of €339 million across 17 projects, exceeding the previous peak of €233 million.
More than 95 per cent of total financing supported investments aimed at strengthening the region’s energy security and accelerating decarbonisation. These included projects supporting the generation and storage of renewable power, initiatives developing e-mobility infrastructure and resource efficiency upgrades.
Highlights included:
- €79.5 million for Lithuania’s Kelme Wind Park, the largest onshore wind farm in the Baltic region
- €35.2 million loan to Sunly, a leading Baltic renewable energy developer, to build four hybrid solar parks in Latvia
- €27 million investment in the landmark standalone merchant battery energy storage system BSP near Tallinn
- €60 million for Ignitis to roll out 600 charging stations for electric vehicles across the Baltic states.
The Bank also continued to support the deepening of the pan-Baltic capital market, helping companies to access alternative forms of financing. The Bank’s policy dialogue efforts on strengthening the Baltic capital market led to the creation of the Baltic Capital Markets Acceleration Fund – a dedicated fund supporting SMEs and midcaps to prepare for listing and bond issuance. In Lithuania, the EBRD was a key investor in true-sale asset-backed securitisation, committing €50 million to ILTE’s €112 million bond issuance backed by a portfolio of energy efficiency loans – the Baltic region’s first green securitisation.
Meanwhile, in Estonia, the EBRD supported legislative reforms to the country’s Securities Market Act. Now approved by the Estonian parliament, this new legislation will enhance Estonia’s investment climate and capital market activity and make its enterprises and financial institutions more attractive to global investors.
Tomas Kairys, the EBRD’s Head of the Baltic States, said: “Our record delivery demonstrates the growing sophistication and investment appetite of Baltic businesses. With the EBRD’s Annual Meeting coming to Riga this year, these results underscore the region’s strong momentum and resilience. We will continue to respond to market needs in 2026, supporting bankable climate investments, expanding financing and capital market instruments, and providing debt and equity solutions that help Baltic companies to innovate, scale up and export.”
