Renewable energy company Green Genius has partnered with Nala Renewables (Nala) by entering into an agreement to sell a 34MW solar portfolio in Lithuania.
In addition to the initial 34MW operational assets, Nala has signed an agreement with Green Genius to acquire a further 45MW of PV projects in the near-term that are expected to increase the total size of the Lithuanian sites to 79MW.
The full portfolio will generate approximately 96,000MW hours of clean energy annually, catering to the energy needs of around 9500 households and reducing approximately 20,000 tonnes of CO2 equivalent emissions each year.
Offtake agreements ensure revenue security over the medium term.
“We’re delighted to have expanded into Lithuania via the acquisition of this operational PV portfolio from Green Genius, a well-established counterparty for Nala,” said Nala Renewables director Will Herlinger.
“We see the Baltics as a key strategic region for our business and plan to continue to grow our presence there.”
Green Genius chief financial officer Rokas Bancevičius said: “We are excited that Nala Renewables has chosen projects developed and built by Green Genius as their entry point to Lithuania.
“This is acknowledgment of the quality of renewable energy projects that the Green Genius team delivers.
“We would like to thank Nala’s team for their trust and professionalism.”
Head of M&A at Green Genius Tadas Balsys added: “This transaction with Nala Renewables marks an exciting milestone not only for Green Genius but also for Lithuania and the Baltics region.
“We are delighted to be able to contribute to the growing Baltics’ renewable sector by delivering additional PV capacity and attracting a new institutional investor.”