Green Genius, a renewable energy company, has secured €87 million in financing to commence the construction of a solar project in Latvia. The company finalized agreements with two German financial institutions to fund the development of the 126MW project located in Jekabpils, in the central eastern region of Latvia.
The financing package comprises a €26 million loan from Berenberg Bank and a €61 million loan from Nord LB, totaling over €100 million in planned investment for the solar project. Construction is expected to commence soon, with the Jekabpils solar park slated to begin generating electricity by mid-2025.
Rokas Bancevicius, CFO of Green Genius, emphasized the company's commitment to sustainability, stating, “Green Genius is strongly committed to empowering sustainability. Jekabpils large-scale solar project will bring significant addition of green generation to the Latvian electricity system.”
Niels Jakeman, Head of Energy Origination, Structured Finance Europe, Nord LB, expressed delight in supporting Green Genius and contributing to the decarbonization of Latvia's energy sector. He highlighted Nord LB's commitment to financing renewable energy projects in the Baltics and beyond.
Torsten Heidemann, Head of Infrastructure & Energy of Berenberg, expressed pride in further supporting Green Genius's growth in Europe. He praised Green Genius's expertise and resources, emphasizing their potential to become a major player in the European renewable energy market.
This marks the first collaboration between Green Genius and Nord LB. However, Berenberg Bank had previously provided financing to Green Genius in 2022 for a 69MW solar park portfolio in Poland.
