EUR 100 Million Shot in the Arm for Renewable Pioneer as EBRD Steps Up to Energise a Sustainable Future

According to her, this is the largest such investment by the EBRD in the Baltic States.

“After the implementation of this transaction, which will still have to be approved by the competition supervisory authorities of several countries, the EBRD will become a minority shareholder of Green Genius and undertake to invest up to 100 million in the company. euros”, the report states.

Company photo/Ainė Martinkėnaitė-Martyniuk

The company does not comment on how many shares ERPB plans to purchase.

According to him, these funds are expected to be used for the development and acquisition of new renewable energy projects in the Baltic States, Poland, Romania and other European markets.

Grzegorz Zielinskis, head of the EBRD’s European Energy Division, says that the promotion of renewable energy is one of the most important goals of the EBRD, and increasing energy security remains the most important priority of the Baltic States.

“There is no better way to achieve these goals than to continue cooperation with an existing client, with whom we have successfully implemented many projects over the past decade,” said G. Zielinskis in a Modus Group statement.

According to Ainė Martinkėnaitė-Martyniuk, chairman of the board of Modus Group, “Green Genius” has been working with the EBRD for 7 years and has implemented many projects with the financial partner.

“This organization sets the highest standards for its partners, so we consider EBRD becoming a shareholder and financial partner of Green Genius to be a great appreciation. This will help to implement development plans in the field of renewable energy, and the international reputation of this financial institution will provide an opportunity to enter new markets more easily”, said A. Martinkėnaitė-Martyniuk in a Modus Group statement.

Green Genius manager and Modus Group board member Ruslanas Sklepovičius said that this partnership will ensure long-term stability and sustainable growth, reduce the need for external financing, which is a significant facilitation of operations when working in a capital-intensive field.

“This transaction will contribute to the implementation of the long-term strategy of Green Genius: if previously we mostly sold completed projects, now we aim to keep part of them and form our own generation portfolio,” said R.Sklepovičius.

Large Lithuanian banks and foreign funds lend to Green Genius projects

Company photo/Ruslanas Sklepovičius

Green Genius is developing more than 2.7 gigawatts (GW) of renewable energy projects across eight European countries – solar, biogas, wind and green hydrogen. The company produces an average of 315 gigawatt hours (GWh) of energy per year.

In June, it launched more than 100 million construction of a solar park in Latvia worth EUR, it is building an 80 MW wind park in Skirsnemunė near Jurbarkas. In addition to Lithuania and Latvia, the company develops solar energy projects in Italy, Poland, Romania, Spain,

This summer, Green Genius received $87 million. EUR loan from the German infrastructure debt fund “Berenberg” and the North German bank “Nord LB” for the solar park in Jekabpils, Latvia.

Some time ago, the company received 92 mln. Swedbank’s EUR 42 million loan for the wind farm in Skirsnemunė. EUR 46.45 million loan from the French investment company Rgreen Invest for the construction of eight remote solar parks in Lithuania, and EUR 46.45 million from the Polish banking group mBank. euro loan for such parks in Poland.

In addition, Green Genius has borrowed 55.8 million. EUR 38.5 million for the construction of Luminor solar parks in Lithuania. euros from the investment company “Sequoia” listed on the London Stock Exchange – for projects in Poland, 20 million. euros from the French asset management company “Eiffel Investment Group” – in Italy and Spain.

The company, together with the Polish energy company Polenergia, previously intended to participate in the auction of the Lithuanian offshore wind park in the Baltic Sea, but decided not to participate in it last August.

According to the registry center, “Green genius” received 102.8 million in 2023. EUR income – 61 percent. more than in 2022 (63.7 million euros), its net profit reached 4.6 million. EUR (loss of EUR 4 million). The authorized capital of the company is 2.9 thousand. euros.

According to the data of the Register Center, the majority – 85 percent. – “Green Genius” shares are owned by “Green Genius Baltic”, 15 percent. – for limited partnership “Green Genius Partners”. The ultimate beneficiary of the company is Modus Group founder Kęstutis Martinkėnas.

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