Renewable energy leader

We develop and operate:

Solar energy

Biogas energy

Wind energy

Hydrogen energy

KEY numbers

1.5 GW

Project pipeline

<339 GWh

Power produced in 2020

<335 k

Tons of yearly CO2 savings

€ 445 M

Invested over the past 5 years

Achievements in 2020

The year 2020 was an exceptional one for the whole organization: global uncertainties and challenges presented a stern test, which we passed with flying colours 

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Portfolio review

We have plans to  build 1.5 GW up to 2025. Learn more how the project pipeline looks today.

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News

Green Genius has secured EUR 20 million financing from Eiffel Investment Group

Green Genius leading European renewable energy developer, has signed a EUR 20 million financing with Eiffel Investment Group’s funds. The company plans to use these funds to finalize the development of solar PV projects in Italy and Spain.   “This transaction is exceptional as the financing is not granted to a single ready-to-build project but to a portfolio of projects finishing their development in order to finance their pre-construction capex, while benefiting from the diversification of the portfolio. This evidences the trust of a financial institution such as Eiffel Investment Group in our robustness and our competencies in the development of renewable energy projects in different countries,” says Rokas Bancevičius, CFO of Green Genius.    According to R. Bancevičius, the need for clean energy in Europe will continue to grow rapidly, particularly considering the EU's ambitious targets for the implementation of a climate-neutral economic model by 2050.  Climate crisis is impacting societies around the world, which calls for immediate action. EU set ambitious targets for the implementation of a climate-neutral economical model. That’s why Green Genius’ mission as a leading developer has never been more important. Company aims to help Europe transition to a greener future and save our planet   “We are glad to have achieved the closing of this innovative financing for a diversified portfolio of projects located in Spain and Italy. The facility provided by Eiffel Investment Group’s energy transition vehicles contributes to the funding of the pre-construction costs of the projects, at a time when traditional long-term financing is not available. The collateral is made of projects that are diversified and at a late-stage development phase, i.e. without binary development risk. We look forward to keep building on this trust-worthy partnership aimed at accelerating the deployment of Green Genius’s projects.” states Pierre-Antoine Machelon, Head of Energy Transition at Eiffel Investment Group.     

Green Genius has secured EUR 20 million financing from Eiffel Investment Group Green Genius leading European renewable energy developer, has signed a EUR 20 million financing with Eiffel Investment Group’s funds. The company plans to use these funds to finalize the development of solar PV projects in Italy and Spain.   “This transaction is exceptional as the financing is not granted to a single ready-to-build project but to a portfolio of projects finishing their development in order to finance their pre-construction capex, while benefiting from the diversification of the portfolio. This evidences the trust of a financial institution such as Eiffel Investment Group in our robustness and our competencies in the development of renewable energy projects in different countries,” says Rokas Bancevičius, CFO of Green Genius.    According to R. Bancevičius, the need for clean energy in Europe will continue to grow rapidly, particularly considering the EU's ambitious targets for the implementation of a climate-neutral economic model by 2050.  Climate crisis is impacting societies around the world, which calls for immediate action. EU set ambitious targets for the implementation of a climate-neutral economical model. That’s why Green Genius’ mission as a leading developer has never been more important. Company aims to help Europe transition to a greener future and save our planet   “We are glad to have achieved the closing of this innovative financing for a diversified portfolio of projects located in Spain and Italy. The facility provided by Eiffel Investment Group’s energy transition vehicles contributes to the funding of the pre-construction costs of the projects, at a time when traditional long-term financing is not available. The collateral is made of projects that are diversified and at a late-stage development phase, i.e. without binary development risk. We look forward to keep building on this trust-worthy partnership aimed at accelerating the deployment of Green Genius’s projects.” states Pierre-Antoine Machelon, Head of Energy Transition at Eiffel Investment Group.      NextPower III ESG fund acquires 42.3MW solar portfolio from Green Genius Green Genius, a leading European renewable energy developer and NextPower III ESG (“NPIII ESG”), the international solar fund of NextEnergy Capital (“NEC”) have entered into an agreement by which Green Genius sold a 42.3MW solar PV portfolio in Poland. The portfolio consists of 44 individual solar PV projects which have been awarded a Contract for Difference (“CfD”) through the 2019 renewable energy auction. As a result, all projects benefit from c.100% regulated revenues over 15 years (CPI linked).  Once operational, the portfolio will produce enough clean electricity per year to power the equivalent of circa 24,200 households. This agreement will mark the third portfolio of solar PV projects developed and sold by Green Genius in Poland since 2019. The first two portfolios with total installed capacities of 45.4MW and 40.4MW respectively were sold to Aberdeen Standard Investments. In total, Green Genius has already invested more than EUR 100 million in the Polish solar PV space. The company is currently preparing for the construction of its fourth solar PV portfolio which is expected to have a total installed capacity exceeding 140MW. At the same time, this acquisition will bring NPIII ESG’s portfolio to an installed capacity of 530MWp and continues to demonstrate NextEnergy Capital’s ability and skill to identify and acquire attractive investment opportunities in new and existing jurisdictions. Ruslan Sklepovič, CEO of Green Genius, commented: “We are extremely proud to be contributing to Poland’s transition towards a greener future. Societies around the globe are faced with an acute climate crisis, which calls for an urgent and collective action. This is why our mission as a leading developer of renewable energy projects has never been more important. This successful partnership with NextEnergy Capital is a proof that Green Genius is a viable partner for the leading global companies.” Filinto Martins, Managing Director and Head of NPIII ESG, commented: “We are delighted to announce this transaction marking NextPower III’s first acquisition in Poland, a market that provides excellent opportunities for our growth strategy.  I am excited that NextPower III ESG continues to rapidly expand its portfolio in carefully selected geographies as we continue to increase our global solar asset footprint.” Rokas Bancevičius, CFO of Green Genius, commented: “This transaction is an important milestone not only for Green Genius but for the entire Polish renewable energy market, which has proved to be resilient to the external shocks caused by the global pandemic. We are proud that Green Genius was able to attract another institutional investor to the Polish market, proving that our projects are developed at the highest possible standards. We are also excited about the new partnership with NextEnergy Capital, whose team has paid a special attention on sustainability matters.” CMS acted as a legal adviser to Green Genius. About NPIII NPIII ESG is a fund that provides a positive social and environmental impact to the countries it has and will invest into.  When NPIII is fully invested at US$750m across an installed capacity of circa 2.5GW, it can expect to deliver an impact of estimated annual avoided emissions of circa 2 million tCO2e each year, which on a conservative basis is the equivalent to providing energy for more than circa 1.3 million homes per year. Filip Sypko: Polish photovoltaics will not slow down Filip Sypko: Head of Solar Business Development at Green Genius How do you assess the current condition of the photovoltaic market in Poland compared to what was observed in the same period a year ago? It can be said that currently there is a tremendous interest in all areas of the photovoltaic industry. While the micro-installation segment has been red-hot for a long time, interest in business photovoltaic installations has only increased significantly in the last year. This is undoubtedly due to the significant increase in wholesale energy prices and the introduction of the capacity fee at the beginning of the year. With such a heavy burden on electricity bills, to own or rent a photovoltaic installation is a very cost-effective solution. The third key segment is large-scale photovoltaic farms. The development of this market has so far been derived from the RES auctions organised by the Energy Regulatory Office and has not been as spectacular as in the case of domestic installations. However, with the gradual increase in volumes allocated to PV projects in the auction, their development has started to become more and more popular. There are currently projects in the pipeline by developers with a total capacity of at least several GW, and it is this area that will bring the most of the new capacity in the near future. Has the pandemic affected the photovoltaic industry in Poland? Both in the case of the Polish market and in the case of other European countries, it can be said that the pandemic has affected them only slightly. Of course, the supply chain for the basic components of photovoltaic installations has been disrupted, but this has not stopped investments, only slightly delayed them. The pandemic has instead had a significant impact on component prices. Over the past year, prices of almost all important raw materials in the global economy have risen, which has also translated into a reversal of the previously downward trend in module prices. In Poland, however, this increase occurred at the time of the aforementioned increase in energy prices, so it was not as severe. There are changes coming. Both the system of subsidies and the way of accounting for energy generated by PV installations are to be transformed. How will this affect interest in this branch of RES? There is no doubt that the prosumer market will undergo significant changes. The change proposed by the Ministry of Climate and Environment in June to the way energy surpluses in micro-installations are accounted for, which was to be based on the average quarterly price of energy from the wholesale market, has aroused a lot of emotion. Shortly afterwards, we heard about a new concept - a 1:1 discount, but calculated on the energy itself, without distribution charges. A few days ago, another concept emerged - net-billing, that is, accounting for surpluses based on the current market price. It therefore appears that the final shape of the changes is still unknown. However, it is likely that regardless of the new billing method chosen, these changes will somewhat reduce the attractiveness of this type of installation. However, I do not think that this will cause a sudden collapse of this segment, rather a moderate decline. Until the end of the year, it is expected that there will be huge interest in home installations, especially since the third edition of the "My electricity" subsidy programme has been launched. Is there any hope for continued prosperity in terms of new PV installations? Perhaps this opportunity should be seen in the planned subsidies for energy storage? Absolutely. Energy storage for PV installations, both domestic and large-scale, is undoubtedly the future. Firstly, the proper functioning of the current electricity grid, which is limited in its capacity to handle large numbers of small distributed energy sources, is becoming an increasing problem. Storage facilities are a partial answer to this problem - when there is too much energy in the system, it can be physically 'stored' and given back when there is a shortage on the grid. Secondly, the price of energy storage, as in the past for PV installations, is decreasing very rapidly all the time. At the moment, however, both prosumer and large-scale energy storage are not profitable enough to make such investments in large numbers without support. At this stage, such projects should be supported in order to open up the market and acquire know-how. As scale increases, profitability will increase. This is exactly the same path that every new technology goes through. Is the planned slowdown of the photovoltaic industry in Poland only related to the poor state of the electricity grid? Taking into account all segments of the PV market, I believe that we will not see a market slowdown in the next two years. Let us not forget that the largest increases in capacity in the near and medium term will come from large farms, most of which will participate in auctions. We already know that these few auction gigawatts will certainly be built, but they will only be physically built and visible in the national system in a year or two. Undoubtedly, however, connectivity to medium- and high-voltage grids is already a significant problem that will only increase. Grid operators will not be able to upgrade infrastructure in the short term to cope with demand from developers. Even small domestic installations are already a challenge for local grids today. Arguably, this will actually be a brake on the industry in the years to come. However, there is a range of solutions available that could partially solve this problem, such as the energy storage mentioned earlier. It would also be desirable for the industry to change the definition of installed capacity so that it is counted according to the power of the inverters (AC) of a given farm, rather than the power of the PV modules (DC) operating in it. Synergies between photovoltaic and wind farms should also be sought. It is very rare for these sources to operate at full power at the same time, and for the time being they are treated in a completely independent manner. Every few percent of capacity released in this way would, on a national scale, bring great opportunities for the development of further projects. Energy groups collect a significant portion of their revenues through electricity transmission charges. The PV installations therefore deprive them of some of their potential profit. Will this serve as a marker for increasing electricity prices to offset losses? If so, will such actions not lead to social conflicts? Yes, it is true. The development of dispersed energy is detrimental to a system that has functioned unchanged for a long time. However, there is no other way at present. Energy groups, which are and will continue to be the backbone of the electricity system, must adapt to the new conditions that result not only from the standards imposed by the European Union, but above all from the social and technological changes that we are all experiencing as European citizens. It seems that domestic corporations themselves are also recognising this need by investing in RES assets themselves. Looking more broadly at the situation of the Treasury's energy companies, it is impossible not to mention the concept of creating the National Energy Security Agency (NABE), which would take over currently unprofitable coal assets and leave transmission and green generation assets to the energy companies. This idea raises many doubts and so far provides more questions than answers, but it will undoubtedly have a significant impact on the shape of the Polish energy market. The green transition raises doubts in parts of society, but I believe that in the long term, it will benefit us all. There is still a niche in the photovoltaic market in Poland that nobody wants to fill. I mean recycling used PV modules. It would seem that there is potential here, but there is not much interest. Why is that so? I think the main reason for this situation is the low demand for this type of service so far. Photovoltaics is still under development. The first larger PV installations started to be built in Poland only a few years ago. Assuming that the service life of the modules as promised by the manufacturers is 25-30 years, we can expect that the mass withdrawal of the panels will take place only after dozen or so years. I am sure that by then many companies will have been set up to do this, as well as the technology to very effectively reuse the materials from which the modules are built.   See more

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