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Lithuania, Vilnius: The European Bank for Reconstruction and Development (EBRD) will invest up to €100 million ($110.4 million) in equity into Green Genius to support the Lithuanian renewables developer and power producer’s growth plans. This will make the bank a minority shareholder in Green Genius. The investment is pending antitrust clearance in several countries.
Green Genius, part of Modus Group, commented that the funding will back its plans to expand its footprint across Europe through 2029. The company will allocate the funds to develop and acquire renewable energy projects in the Baltic countries, Poland, Romania and other regions across Europe, aiming to deploy more than 2 GW of renewable energy capacity.
With activities in the wind, solar, energy storage and biomethane segments, the company has 2.7 GW of projects in multiple European markets and 549 MW of installed capacity to date. It is present in Italy, Poland and Romania, Spain and Latvia.
“With Green Genius transitioning from a developer to an independent power producer, this investment will accelerate their expansion into EU markets, including the Baltic states, Poland, and Romania,” said Tomas Kairys, EBRD Head of the Baltic states.
Source: Renewables Now
#EBRD#European Bank for Reconstruction and Development#Green Genius#investment#Lithuania
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Publish date : 2024-10-03 23:02:52
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