Renewable energy company Green Genius and Citadele Bank in Lithuania have entered into a significant financing agreement amounting to €6.9 million. This funding is earmarked for a groundbreaking solar power plant project to be constructed on the roof of a brewery within the Carlsberg Group, situated in Lithuania.
The unique aspect of this scheme lies in its utilization of an “energy-as-a-service” solution, designed to fulfill 100% of industrial customers' electricity demands from renewable sources. The solar power plant combines solar photovoltaic (PV) modules and batteries to create a sustainable energy infrastructure.
In the initial phase of the project, Green Genius is set to install a 1.5 MW solar power plant and a 2 MWh capacity accumulator on the roof of the Svyturys-Utenos alus brewery located in Utena, North Lithuania.
The second phase of the initiative will see the installation of a 5 MW remote solar array and a 4 MWh capacity accumulator in Butrimonys, South Lithuania, further enhancing the region's renewable energy capabilities. These sites are expected to fulfill the brewery's entire electricity demand, leveraging the benefits of PV-plus-storage technology.
This ambitious project has secured financial support of €2.6 million from the Innovation Fund, funded through revenues from the EU Emissions Trading System, and administered by the European Climate, Infrastructure, and Environment Executive Agency.
Nerijus Virbickas, Head of Innovation at Green Genius, highlighted the project's pioneering nature, stating, “With the implementation of this project, one of the first batteries integrated into both industrial enterprises and solar parks will appear in the Baltic States. This will create opportunities to fully utilize the market's potential to trade, provide flexibility, and offer various services to energy system operators.”
Vaidas Zagunis, Citadele Bank board member and Head of Corporate Banking, expressed the bank's enthusiasm for its partnership with Green Genius, emphasizing the role they will play in a unique 6.5 MW solar energy and 6 MWh battery energy storage system project. This initiative is expected to make a substantial contribution to reducing the region's carbon footprint and driving innovative technological solutions in Lithuania.
Zagunis noted that the bank's priorities include financing sustainable, long-term, value-generating projects. Their commitment to financing domestic businesses underscores their dedication to encouraging investments in renewable energy projects, ultimately supporting sustainable economic development and innovative technological advancements as part of their broader business strategy.
