Modus Group-owned Green Genius is to receive an equity investment of up to €100m from the European Bank for Reconstruction and Development (EBRD).
The investment will fund Green Genius’ expansion plans through 2029 in various European countries and marks the largest single company equity commitment by EBRD of its kind in the Baltic States.
The funds will be directed toward developing and acquiring renewable energy projects (picture of a Green Genius solar farm) in the Baltics, Poland, Romania and other European markets.
Upon completion of the deal, which is still subject to approval by competition authorities in several countries, the EBRD will become a minority shareholder of Green Genius.
The €100m investment will support Green Genius’ European growth strategy that includes the development of over 2GW of renewable energy.
Green Genius chief executive Ruslan Sklepovic said: “We are delighted to form a partnership with EBRD.
“This partnership reflects Green Genius’ long-term strategy to further built development portfolio and transition into an independent power producer.
“This institutional partner will enable us to invest more actively in new renewable energy projects.”
EBRD’s head of energy Europe Grzegorz Zielinski said: “Promoting renewable energy is central to EBRD objectives, and enhancing energy security remains a key priority for the Baltic States.
“There is no better way to achieve these goals than by partnering with an existing client from our countries of operations, with whom we have successfully delivered numerous projects over the past decade.
“We are very pleased to have the opportunity to become a shareholder in Green Genius and are eager to support their green ambitions and expansion plans across Europe.”