Bank Pekao has financed the Green Genius biogas plant in Turowiec
At the beginning of May 2021, Green Genius, an international company with years of experience in developing renewable energy projects, began construction of its first biogas plant in Poland. The project is the result of cooperation with Bank Pekao S.A. The new facility is being built in the village of Turowiec in the Lubelskie Voivodeship and will use mainly agricultural raw materials. The value of the entire investment project is PLN 26 million.
In the implementation of its first biogas investment project in Poland, Green Genius has partnered with Bank Pekao S.A. to provide financial support for the project. The biogas plant in Turowiec will be the first power plant producing energy from biogas to be constructed with support from the bank. The value of the investment project is estimated at PLN 26 million.
– We are glad that Bank Pekao supports us in achieving our goals, allowing us to build a green energy future for Poland. We believe that our previous international biogas projects, as well as our local activity in Poland, make us a valuable partner for the bank – Rokas Bancevičius, CFO of Green Genius, emphasizes the importance of this cooperation for both companies.
– Entering into cooperation with Green Genius, a leading investor in the RES sector, is a great honor for our bank. Green Genius’ previous experience in the biogas sector in other countries, the professional preparation of the investment project and the involvement of reputable entities in the project were key factors in the decision to provide financing for this project. We hope that with the construction of the biogas plant in Turowiec, we will also build a relationship with Green Genius and its results will be visible in the bank’s involvement in other investment projects carried out by our new partner – says Mariusz Matejuk, Specialist in SME Project Finance, Bank Pekao S.A.
– We are glad that by financing projects like the one in Turowiec, we have an opportunity to influence the transformation of the energy sector towards renewable sources, and thus to protect the natural environment. At Bank Pekao we recognize the potential of the renewable energy sector, the prospects of its dynamic growth and its attractiveness to investors – that is why we want our share in the financing of such projects to be as high as possible – notes Maciej Misiejuk, Director of the SME Project Finance Office at Bank Pekao S.A.
Construction of the biogas plant in Turowiec, Lubelskie Voivodeship (Chełmski Poviat) began on May 11, 2021, and is scheduled for completion in March 2022. Energy production will begin in the second half of 2022. Substrates in the process of energy production will be, among others, beet pulp, distilling dregs, vegetable and fruit residues from juice production and other agricultural by-products. The power plant will have a capacity of 999 kW, and its productivity is estimated at no less than 8200 MWh per year, saving 87,000 t of CO2 emissions over a 15-year period.
As Ruslan Sklepowicz, CEO of Green Genius, explains, Poland has a significant yet undeveloped potential in this energy sector. – According to estimates by national analysts, the biogas market can accommodate up to 3,800 more similar power plants. The Turowiec power plant is our first but certainly not our last biogas project in the country. Luckily, Poland has a transparent regulation and a favorable support system for the biogas market. It is these changes that have led Green Genius to enter this energy sector in Poland. In addition, we see great potential for biogas development as a result of the significant amounts of biodegradable waste that is generated in Poland. The best sustainable way to manage them is just to convert them to biogas and organic fertilizers. We would like to add similar power plants with a total capacity of 20 MW to our portfolio within the next 4 years – says Sklepowicz.
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