Sorainen has advised Siauliu Bankas on establishing the SB Modernisation Fund for renovating apartment buildings and signing loan agreements worth EUR 275 million with investors. TGS Baltic advised the European Investment Bank on granting a EUR 90 million loan – together with the Government of Lithuania – to Siauliu Bankas for the new fund.
The Council of Europe Development Bank, Swedbank, and the Nordic Investment Bank were among the investors.
"The fund administered by Siauliu Bankas will consist not only of investors’ funds but also of funds from the Lithuanian state and the European Structural and Investment Fund," Sorainen informed. "It is planned that the funds will be utilized to renovate 600 old multi-apartment buildings improving the living conditions of 16,000 households. The project is expected to save 200 gigawatt-hours of heat and about 50,000 tonnes of carbon dioxide annually."
The Sorainen team included Partners Tomas Kontautas, Mantas Petkevicius, and Indre Sceponiene and Senior Associates Dalia Augaite, Agne Sovaite, Vitalija Impoleviciene, and Rasa Mikutiene.
The TGS Baltic team included Managing Partner Vilius Bernatonis and Senior Associate Sebastian Okinczyc.