Lithuania’s national development bank, Investicijų ir verslo garantijos (ILTE), has signed a financing agreement with renewable energy developer Green Genius to support the construction of 10 new remote solar parks across the country, with a combined capacity of 89.7 megawatts (MW).
Under the agreement, ILTE will provide €48.9 million in loan funding through its “Renewable Energy Loans for Legal Entities” programme. The instrument, designed to support solar and wind energy projects, has recently expanded to include energy storage systems when installed alongside renewable power plants.
Construction of the solar projects is already underway and is expected to be completed in 2025.
“These projects reflect our consistent commitment to expanding green and energy-independent solutions in Lithuania and across Europe,” said Rokas Bancevičius, chief financial officer at Green Genius. “We highly value ILTE’s expertise and smooth co-operation in financing Green Genius projects.”
This marks the second time ILTE has partnered with Green Genius. Earlier this year, the bank financed a 6.6MW solar park with a loan of €3.9 million. In total, ILTE is set to support the development of 11 solar parks by Green Genius in Lithuania by next year.
Giedrė Gečiauskienė, head of client financing at ILTE, said the projects align with national energy goals. “Sustainability commitments, an integrated approach to energy generation, and Green Genius’ long-standing experience will not only help strengthen Lithuania’s energy independence but also drive the green transformation across the region,” she said.
Once operational, the solar parks are expected to generate over 100,000 megawatt-hours (MWh) of electricity annually.
