Lithuania's Green Genius gets loan for 35 MW of solar projects at home

Lithuanian renewables developer Green Genius announced on Thursday it had secured a loan to finance the construction of 35 MW of remote solar farms in the native country.

Estonia-based lender Luminor Bank granted a EUR-20-million loan (USD 22.8m), which Green Genius will use to bankroll six solar power projects in Lithuania.

The firm said that it will install its first solar farms this summer, and expects to finalise the whole project by the end of 2022. The entire production output from the plants will go to Lithuanian companies.

“Businesses have shown they are willing to choose green electricity produced in Lithuania, but the supply is still significantly lower than the demand due to the slow bureaucratic processes,” Green Genius commented.

Besides Lithuania, Green Genius develops projects in Poland, Spain, Italy and Romania. The company hopes to reach 1.5 GW of capacity by 2025.

(EUR 1.0 = USD 1.139)

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