Lithuania’s renewable energy company Green Genius will receive a 20 million euro loan from Luminor Bank to develop 35-megawatt remote solar parks in Lithuania.
The loan will fund six solar power projects with a total energy capacity of 35 megawatts. The plants that will be completed by the end of 2022 are expected to prevent the emission of 18,000 tonnes of CO2 into the atmosphere, every year.
“We are glad that investors understand the benefits of the green course and are ready to contribute to the development of renewable energy through efficient operational solutions. By working together, we can contribute to a cleaner future”, underscored Simonas Šileikis, Head of the Green Genius Solar Business Line.
According to him, businesses have shown that they are willing to choose green electricity produced in Lithuania but the supply is still significantly lower than the demand due to the slow bureaucratic processes.
“This is a significant project for the Lithuanian electricity market, as well as for Luminor Bank. We intend to continue increasing our lending volume directed at the green energy industry”, noted Andrius Načajus, Head of the Lithuanian branch of Luminor Bank.
“The planned power plants will solve a twofold issue: reducing Lithuania’s dependence on imported electricity and increasing the share of renewable energy resources in the country’s energy infrastructure. We view projects like this as a priority and intend to support the companies implementing ambitious environmental plans in Lithuania actively”, he added.
Apart from Lithuania, Green Genius implements energy projects in CEE’s Poland, and Romania, as well as Spain and Italy. By 2025, the total capacity of the company’s projects is projected to reach 1.5 gigawatts.
