Luminor Bank lends €20 million to Green Genius solar power plants
Luminor Bank and the renewable energy company Green Genius have agreed on a €20 million loan to implement 35-megawatt remote solar parks in Lithuania. Lithuanian companies will use the 100% green energy produced in the power plants.
“This is a significant project for the Lithuanian electricity market, as well as for Luminor Bank. We intend to continue increasing our lending volume directed at the green energy industry. The planned power plants will solve a twofold issue: reducing Lithuania’s dependence on imported electricity and increasing the share of renewable energy resources in the country’s energy infrastructure. We view projects like this as a priority and intend to support the companies implementing ambitious environmental plans in Lithuania actively,” said Andrius Načajus, Head of the Lithuanian branch of Luminor Bank.
Green Genius will use the Luminor funding to implement six solar power projects with a total energy capacity of 35 megawatts. Every year, these power plants will help prevent the emission of 18,000 tonnes of CO2 into the atmosphere.
Green Genius will install its first solar power plants this summer and will complete the entire project by the end of 2022.
According to Simonas Šileikis, Head of the Green Genius Solar Business Line, one of the most innovative concepts for remote power plants in Europe is being developed in Lithuania. Businesses have shown they are willing to choose green electricity produced in Lithuania, but the supply is still significantly lower than the demand due to the slow bureaucratic processes.
“We are glad that investors understand the benefits of the green course and are ready to contribute to the development of renewable energy through efficient operational solutions. By working together, we can contribute to a cleaner future,” said S. Šileikis.
Green Genius implements energy projects in Lithuania and Poland, Spain, Italy, and Romania. By 2025, the total capacity of the company’s projects is projected to reach 1.5 gigawatts.