In 2025, the European Bank for Reconstruction and Development (EBRD) made a record investment of €654 million in the Baltic states, surpassing the previous high of €540 million set in 2024. This milestone was driven by exceptionally strong results in Latvia and Lithuania, as well as steady and consistent performance in Estonia.
In Estonia, the EBRD invested €155 million across 14 projects, focusing on clean power generation, upgrades to the electricity grid, and improvements in digital infrastructure. Latvia experienced a record-breaking investment of €160 million across 13 projects, marking the highest annual investment ever made in the country. Lithuania led the region with an all-time high investment of €339 million spread over 17 projects, surpassing its previous peak of €233 million.
The majority of the EBRD’s financing in the Baltic states, more than 95 percent, supported projects aimed at strengthening energy security and advancing decarbonisation. These projects included renewable power generation and storage, initiatives to develop e-mobility infrastructure, and resource efficiency upgrades. Among the notable projects was a €79.5 million investment in Lithuania’s Kelme Wind Park, the largest onshore wind farm in the Baltic region.
In Latvia, the Bank provided a €35.2 million loan to Sunly, a leading renewable energy developer, to construct four hybrid solar parks. In Estonia, €27 million was invested in the landmark standalone merchant battery energy storage system, BSP, near Tallinn. The EBRD also committed €60 million to Ignitis to support the rollout of 600 electric vehicle charging stations across the Baltic states.
Beyond direct project investments, the EBRD continued its efforts to deepen the pan-Baltic capital market by helping companies access alternative financing. These efforts led to the creation of the Baltic Capital Markets Acceleration Fund, a dedicated fund designed to help small and medium-sized enterprises and mid-sized companies prepare for public listings and bond issuance.
In Lithuania, the EBRD was a key investor in the country’s first green securitisation through true-sale asset-backed bonds, committing €50 million to ILTE’s €112 million issuance backed by a portfolio of energy efficiency loans. In Estonia, the Bank supported reforms to the Securities Market Act, which have now been approved by parliament. The new legislation is expected to enhance Estonia’s investment climate, boost capital market activity, and make Estonian enterprises and financial institutions more attractive to international investors.
Tomas Kairys, the EBRD’s Head of the Baltic States, said that the record investments demonstrate the growing sophistication and ambition of Baltic businesses. He noted that with the EBRD’s Annual Meeting scheduled to take place in Riga, these results underscore the region’s strong momentum and resilience. He added that the Bank will continue responding to market needs in 2026 by supporting climate-friendly investments, expanding financing and capital market solutions, and providing debt and equity instruments that help Baltic companies innovate, scale up, and expand into international markets.
Since the EBRD began its work in the region, it has invested over €1.3 billion in Estonia through 133 projects, more than €1.2 billion in Latvia across 125 projects, and over €2.1 billion in Lithuania through 155 projects. Across all its economies, the EBRD invested a record €16.8 billion in 2025, with 75 percent of that funding going to the private sector and €9.4 billion supporting projects that drive the green transition.
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