Green Genius is upgrading its biogas portfolio in Lithuania to biomethane production.
It is the largest biogas portfolio in the Baltics, and the developer will invest €35m to modernise it.
Swedbank Lithuania will partly finance the project, with the country’s Ministry of the Environment providing €8.5m of the financial support.
“This transformation, adapting biogas plants to biomethane production, is a giant leap towards Lithuania’s commitment to sustainable and renewable energy sources,” said Green Genius chief executive Ruslanas Sklepovicius (pictured).
“Local biomethane production is critical for Lithuania to meet the country’s decarbonization targets. In addition, the biomethane production infrastructure will strengthen Lithuania’s role in the region and create a solid foundation for a long-term and efficient greening of the transport sector.”
The Green Genius biogas power plant portfolio in Lithuania consists of 11 sites, nine of which are suitable for biomethane production. Seven of them will be equipped with biomethane production facilities.
Another new plant will also be built to produce biomethane and two biomethane injection points will be installed.
“This is the largest biogas plant conversion project in the Baltics and will significantly contribute to the country’s emission reduction targets,” said member of the board of Swedbank Lithuania and head of corporate clients Ignas Maceika.
“The fuel produced from these plants will become a greener alternative to imported gas and provide greater potential for the country’s energy sector.
“We are pleased to have reached another successful financing agreement with Green Genius, which enables us to achieve the country’s important goal of a climate-neutral economy.”
Green Genius will start work on transforming its biogas-biomethane portfolio in 2024. The construction of the biomethane facilities, the new power plant, and the installation of two biomethane injection points is scheduled to be completed in 2026.