“Swedbank” provides €25 million financing for “Green Genius” battery energy storage system project

“Swedbank” has granted €25.3 million in financing to “EKO Srautas”, a company owned by the international renewable energy company “Green Genius”. The funds will be used for the construction of a 196 MWh battery energy storage system (BESS) in Antkalniškiai village, Jurbarkas district.

The project will be located next to “Green Genius’” first wind farm (80 MW) and connected to the “Litgrid” transmission network. This is one of the first privately developed BESS projects of this scale in Lithuania, carrying strategic importance for the country’s energy independence and green transition.

Ignas Mačeika, Member of the Board of “Swedbank” and Head of the Corporate Clients Division, notes that following Lithuania’s disconnection from the BRELL network, system balancing is still heavily reliant on gas-fired power plants, which are not a sustainable long-term solution.

“Lithuania has set a target for 100% of its electricity consumption to be generated from renewable sources by 2030. Achieving this goal sustainably is impossible without efficient energy storage solutions. A national BESS network is currently being deployed, with a total planned capacity of around 4,000 MWh. The “Green Genius” project will be an important part of this network – it will reduce dependence on fossil fuels, enable more efficient use of generated green energy, and ensure a more stable electricity supply even when renewable generation fluctuates. It will also enhance the attractiveness and flexibility of the nearby wind project in meeting diverse energy needs, contributing to Lithuania’s energy independence and green transition goals,” says I. Mačeika.

According to him, “Swedbank” actively finances renewable energy projects: “We have already provided nearly €0.5 billion in financing for various renewable energy projects. We are proud to contribute to one of the country’s most ambitious energy transformation objectives.”

Ruslanas Sklepovič, CEO of “Green Genius”, adds: “Across Europe, the transition to energy storage is accelerating – it is a natural stage as renewables become dominant generation sources. For Lithuania, it is particularly important to have flexibility tools that ensure stable supply and energy independence. Battery energy storage systems not only facilitate more reliable integration of green energy but also set a new market standard, where electricity generated by wind or solar farms can be reliably used at any time of the day.”

The battery park is expected to be operational by the end of Q3 2026. In terms of scale, it will be comparable to the state-owned EPSO-G Group’s 200 MWh project.

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