Vilnius-based renewable energy company Green Genius secures €9.5M for Romanian project, confirms €179M investment in Baltics States
Green Genius, a Vilnius-based renewable energy company, operating in 8 European markets, and Mundus Bridge Finance, the private debt fund of INVL (the leading investment management and life insurance group in the Baltics), have agreed on €9.5 million financing.
“Romania is an important market for Green Genius and for European green transition. We aim to develop and construct 500 MW of renewable energy projects in the coming years in that market” states Rokas Bancevicius, CFO of Green Genius.
Green Genius has entered the Romanian market in 2020, setting up an office in Bucharest later. The company is engaged in green field solar project development in Romania and sometimes considers projects for acquisition at an early development stage as well.
Romania’s geographic location is particularly favorable for solar PV due to its high number of sunny days. In addition, the regulatory environment in the country has recently improved. As a result, renewable energy projects in Romania are gaining increasing attention from international investors.
“Our team has extensive experience in assessing the risk of such projects, as financing renewable energy projects forms part of the fund’s portfolio,” says Viktorija Vaitkeviciene, Head of Mundus, the asset management company that manages the private debt fund Mundus Bridge Finance.
This September company has obtained permits to build solar power plants in Lithuania and Latvia. The company will install a 78 MW solar power plant near Seduva, Central-North of Lithuania. Meanwhile, in Latvia, the construction will amount to 120.8 MW of solar.
The construction of both power plants is planned to start by mid-2024. The solar power plant in Seduva, Lithuania, will spread over 140 hectares. Green Genius will invest €70 million in its construction.
In Central-South Latvia, near the city of Jekabpils, the planned solar park will occupy an area of 153 hectares. For its installation, Green Genius intends to invest €109 million.
“The markets in the Baltic countries have reached a certain new stage of maturity when new opportunities to develop large-scale projects arise alongside the development of usual smaller-scale solar parks. Each of the large-scale projects will be of great importance in decentralizing the energy sources and strengthening the energy independence of the entire region,” – says Simonas Sileikis, Head of Solar Business at Green Genius. He adds: “So far, Green Genius has been developing large-scale projects only in Western European countries, mainly Spain and Italy. The opportunity to apply this experience and knowledge to the Baltic region seems extremely meaningful to me.”
Both solar power plants in Lithuania and Latvia are planned to start operating in 2025. They will supply green electricity to the B2B sector. These two solar plants will produce 245 GWh of electricity yearly, which would be enough for almost 82,000 households. Each year, they will also save close to 102,000 t of CO2 – the amount processed by nearly 5 million trees yearly.
Find more info about Green Genius here: https://greengenius.com/news/