The European Bank for Reconstruction and Development ( EBRD ) is supporting the expansion of electric vehicle ( EV ) charging infrastructure in the Baltic region with a €60 million ( US$68.35 million ) loan to Ignitis Group.

Ignitis is Lithuania’s largest electricity supplier and a pivotal energy player in the Baltics. It is aiming to become the leading public electric-vehicle charging point provider in the region. The EBRD is the company’s second largest shareholder following its initial public offering in 2020.

The bank’s investment will finance the construction of up to 600 EV charging stations by the end of 2027. This will significantly improve the availability of public EV charging points in the region, where electric mobility infrastructure remains limited compared with other EU countries. This will help the Baltic states to achieve their national energy and climate objectives.

Some charging points will also be located along Trans-European Transport Network ( TEN-T ) corridors, contributing to the European Union’s transport decarbonization goals under the “Fit for 55” package and the European Green Deal.

“This investment marks a significant milestone for green mobility in the Baltic region,“ Matteo Patrone, EBRD vice president for banking, said at the signing in Vilnius. “It will help address one of the key barriers to EV adoption – the lack of accessible, reliable charging infrastructure – and will thus encourage the wider adoption of electric vehicles and enhance regional connectivity.”

“Our charging network tripled in size in 2024, and we are continuing to actively pursue our expansion across the Baltic states this year,“ added Ignitis CEO Darius Maikštėnas.

“These are encouraging figures, demonstrating a breakthrough in electric vehicle infrastructure in a region where we aim to be the leader in fast charging stations. The new investments will further strengthen this process and give additional impact to the development of the EV industry.”