Renewables developer Green Genius has secured €30m in financing for renewable energy projects across Europe.
Green Genius, a renewable energy subsidiary of Modus Group, signed the loan with Eiffel Energy Transition fund.
The company will use the funds to develop and build green energy projects in Lithuania, Poland, Ukraine, Belarus, Spain and Italy. The company is also actively looking for opportunities for expansion in other Central European countries.
Capcora acted as financial advisor to Green Genius.
Modus board member and Green Genius chief executive Ruslanas Sklepovicius said: “This transaction is exceptional as the loan was granted not at a single project level but, on a revolving basis, at the level of the European platform owning the portfolio of renewable projects of the group.
“This is evidence of the trust of a financial institution such as Eiffel Investment Group in our robustness and our competencies in the development and construction of renewable energy projects.”
In 2019, Green Genius investments in renewable energy activities more than doubled to €115m compared to 2018.
By 2025, total capacity of implemented renewable energy projects by Green Genius is expected to reach 1.5GW.
“After considering all available offers, we have chosen a partnership with Eiffel Energy Transition for several reasons. It was important for Green Genius to borrow at optimal conditions, to use the proceeds for projects across European markets, and to have a partner who knows the industry very
well and can make fast decisions. We have achieved all these goals in the process,” added Rokas Bancevicius, Green Genius chief financial officer.
Capcora managing partner Alexander Kuhn said: “The business of Green Genius is a mixture of developing and selling projects as well as an IPP approach which is not always easy to handle for classical debt providers.
“However, with a clearly defined strategy for each market and project and a transparent development roadmap for the next few years, we were able attract various interesting offers from a diverse range of international lenders.”