The European Bank for Reconstruction and Development (EBRD) has committed €100 million (US$110.2 million) in funding to Lithuanian renewable energy developer Green Genius, supporting its expansion across Europe through 2029. This investment also grants the EBRD a minority shareholding in the company.
While specific projects were not detailed, both Green Genius and the EBRD emphasized that the funds would be used to support the acquisition and development of renewable energy projects in the region. This marks the largest equity commitment the EBRD has made to a single company in the Baltic States.
Green Genius plans to use the investment to advance projects like the 121MW Jekabpils solar plant in Latvia, the largest stand-alone solar facility in the country, and solar-plus-storage initiatives in Lithuania. The company has also secured funding from Citadele Bank to support its solar projects in the region.
Since September last year, Green Genius has completed several financing rounds for renewable projects, including a 198.8MW portfolio in the Baltics and a 500MW portfolio in Romania.
Green Genius CEO Ruslan Sklepovič said, “This partnership aligns with our long-term strategy to expand our development portfolio and transition into an independent power producer. With this institutional backing, we can actively invest in new renewable energy projects.”
The EBRD’s investment will help Green Genius move forward with a pipeline of 2.9GW of solar projects, including 203MW currently under construction in Lithuania and Poland, and additional projects in development in Italy (689MW) and Lithuania (529MW).
Earlier this year, PV Tech Power noted that 2023 saw significant growth in Europe’s solar sector, with five countries adding over 1GW of new capacity, three of which—Bulgaria, the Czech Republic, and Romania—were in Eastern Europe.
