Green Genius has secured €87m to start construction of one of the solar projects in Latvia.
Green Genius signed two deals with two German financial institutions to finance the construction of the 126MW project in in Jekabpils in the central eastern region of the country.
The Berenberg Bank loan is €26m, while Nord LB’s loan is €61m, and the total planned investment into this solar project is over €100m.
The Jekabpils solar park will start generating electricity in mid-2025.
“Green Genius is strongly committed to empowering sustainability.
“Jekabpils large scale solar project will bring significant addition of green generation to the Latvian electricity system.
“This is our first transaction with Nord LB and our second with The Berenberg Bank.
“We value the renewable energy expertise and trust from these established financing partners.
“Green transition continues to require significant capital investments, and lenders’ active role is essential in this process,” said Rokas Bancevicius, CFO of Green Genius.
Niels Jakeman, Head of Energy Origination, Structured Finance Europe, Nord LB, added: “We are delighted to have been able to support Green Genius with the financing of their project, whilst making a significant contribution to the decarbonization of Latvia’s energy sector.
“This closing marks a major milestone for Nord LB as our first solar financing in Latvia, and the third in Baltics within a year, demonstrating our commitment to financing renewable energy projects across the region.
“We look forward to continuing this partnership with Green Genius across the Baltics and beyond.”
Torsten Heidemann, Head of Infrastructure & Energy of Berenberg, said: “We are proud to further support Green Genius on its strong growth path in Europe and look forward to finance future Green Genius projects across Europe.
“This is our second transaction with Green Genius where they have again proved that they have the know-how and resources to become a major player in the European renewable energy market.”
It is the first deal between Green Genius and Nord LB.
Meanwhile, Berenberg Bank has provided financing to Green Genius in 2022, for a 69MW solar park portfolio for Green Genius in Poland.