Green Genius, a renewable energy company, operating in eight 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 euros financing for the company’s solar project in Romania.
“Romania is an important market for Green Genius and for European green transition,” said Rokas Bancevicius, CFO of Green Genius. “We aim to develop and construct 500 megawatts (MW) of renewable energy projects in the coming years in that market.”
Green Genius 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 favourable 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,” added Viktorija Vaitkeviciene, Head of Mundus, the asset management company that manages the private debt fund Mundus Bridge Finance.