Renewables developer Green Genius has secured a €10m loan from Luminor Bank for the construction of solar parks in Lithuania.
The €10.3m facility will be used for the construction of remote solar parks totalling 15.7MW.
The approach enables the production and usage of green electricity in different locations, Green Genius said.
For example, electricity produced in a remote solar park in west Lithuania might be used in south Lithuania or elsewhere in the country.
“Stability and the ability to adapt to constantly changing market conditions are crucial to achieving green energy and energy independence goals.
“Therefore, the role of financial institutions is an essential one. That’s why we highly appreciate Luminor’s reliable partnership,” said Rokas Bancevičius, chief finance officer of Green Genius.
“Green energy projects are considered a priority, so we actively support companies implementing environmentally significant plans in Lithuania,” says Andrius Načajus, head of Luminor bank in Lithuania.
The financing follows on from a previous transaction, when Luminor and Green Genius signed a €20m value transaction back in February to be invested in the construction of remote solar parks with a capacity of 35MW in Lithuania.