Green Genius to exit Belarus market
Renewable energy company Green Genius, part of Modus Group, has decided to cease its operations in Belarus due to the ongoing war against Ukraine. It will concentrate on the faster growth in 7 other European markets where it develops solar, wind and biogas projects.
“We unequivocally condemn Russian military aggression in Ukraine, support Ukrainian people and various initiatives dedicated to help them. At the same time, we cannot continue operations in Belarus – the country that contributes to this unjustifiable war and allows to use its territory as a platform for criminal actions. Therefore, we have decided to leave this market. Instead, we will focus on business development in other European markets and help increase the energy independence of the continent – this goal has become even more important in the light of recent events” – Ruslanas Sklepovicius, CEO of Green Genius and board member responsible for energy business at Modus Group.
In Belarus Green Genius operates 8 biogas plants, 1 solar park and has more than 60 employees. These renewable energy projects were developed with a strategic partner – European Bank for Reconstruction and Development (EBRD) that provided financing.
Green Genius is currently undergoing consultations with EBRD, as well as other project partners in search for solutions on how to exit Belarus market in the fastest way.
“These are infrastructure projects, so, unfortunately, we can’t simply move them to other location. In addition to that, we have a responsibility not just for our partners, but employees as well, who for many years were part of our team. Therefore, we are working closely with financial partners, lawyers, consultants and other parties to find the best and fastest solutions for exit in the current situation” – explains R. Sklepovicius.
According to him, Belarus is a relatively small market for the company, further investments here were put on hold after the 2020 presidential elections that are not recognized by the international community. Projects in this country measured by their capacity comprise less than 1% (15,6 MW) of Green Genius portfolio (already developed or under development). Company has never operated in Russian market.
Capacity of all Green Genius renewable energy projects (developed and under development) is more than 1600 MW.