Lithuania’s renewable energy company Green Genius and Luminor bank agreed on enlarging the limit of green guarantees to 12 million euros in what is already the third agreement between the two partners on green guarantees.
“The green guarantees provided by the bank to the green energy developer create opportunities for faster and more stable development of green energy projects,” said Rokas Bancevicius, CFO of Green Genius. “These projects will increase the generation of green and independent energy and the region’s energy security.”
Green guarantees differ from other guarantees as their purpose is clearly defined – they are used only for green projects. Guarantees usually become an essential incentive for green projects in their early stages.
“Three main goals of Luminor Bank are promoting sustainable economic growth, mitigating climate change and building strong institutions,” commented Andrius Načajus, head of Luminor Lithuania. “By financing the development of green energy, we contribute to promoting a sustainable economy.”
Currently, Green Genius operates in 8 European countries and intends to build renewable energy projects reaching a capacity of 1.5 gigawatts (GW) by 2025, while Luminor is the third-largest provider of financial services in the Baltics.