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Green Genius sign deal on biggest solar investment in company’s history

Earlier today, the international renewable energy company, Green Genius and the Polish universal banking Group, mBank, agreed on a transaction deal worth 220 million złotych (46,45 million euros) to build 69 MW solar farms in Poland. This marks the largest Green Genius deal in the Polish market to date. 

“In Europe’s course of energy independence, the cross-border cooperation is inevitable,” said CFO of Green Genius, Rokas Bancevičius. “It is an important milestone for us in Poland and we’re delighted to have this experience in cooperation with the bank.” 

According to Polish Investment & Trade Agency, in 2020, Poland used around 25 per cent of its solar market potential. However, the situation in the market is rapidly changing. Last spring, Green Genius announced its 4th solar portfolio in Poland. As stated in a press release by Green Genius, the first milestone of the portfolio (66 MW solar farms) is already under construction. The second milestone of the current 69 MW solar plants will be financed based on the transaction with mBank. The Polish universal banking group mBank has already invested over 215 million euros in large-scale solar projects.  

“The financing of green sectors and energy transformation is one of the pillars of mBank’s strategy. By 2025, we intend to earmark as much as 10 billion złotych (2.1 billion euros) for the financing of RES, electromobility and recycling. Our 220 million złotych (47.1 million euros) loan for the construction of solar farms is one of the largest transactions of this type on the Polish market, which shows how determined we are to achieve green objectives,” said Deputy Head of Structured and Mezzanine Finance at mBank, Bartlomiej Czuba.

Green Genius is active in 8 European countries, including Lithuania. Since 2019, the company has already built three solar PV projects in Poland with a total accumulated 128.1 MW capacity. Overall, along with current projects under construction, Green Genius aims to implement 263 MW renewable capacity in Poland.  

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