Green Genius obtains €6.9 million financing for an innovative Energy-as-a-Service solution combining a solar PV powerplant with storage systems

Renewable energy company Green Genius, operating in eight European countries, and Citadele Bank in Lithuania have signed a financing agreement worth nearly €7 million. These funds will be allocated to construct a power plant, which will operate with an innovative Energy-as-a-Service solution, enabling it to meet 100% of industrial customers’ electricity needs from renewable sources. The power plant combines solar PV modules and batteries. It will be installed on the roof of the Svyturys-Utenos alus brewery within the Carlsberg Group.  

 During the first stage, Green Genius will install a 1.5MW solar power plant and a 2MWh capacity accumulator on the roof of the brewery in Utena, North Lithuania. In the second stage, a 5MW remote solar power plant and a 4MWh capacity accumulator in Butrimonys, South Lithuania, will be installed. These power plants, together, will satisfy up to 100% of the electricity demand of the brewery with PV-plus-storage. 

 The project has received €2.6 million from the Innovation Fund, financed by revenues from the EU Emissions Trading System and managed by the European Climate, Infrastructure and Environment Executive Agency (CINEA). CINEA recognised the Green Genius’s InnoSolveGreen project as one the 17 most innovative projects in Europe under the Innovation Fund small-scale call 2021, aimed to reduce greenhouse gas (GHG) emissions and accelerate the transition of European industries towards carbon-free economy. 

 “With the implementation of this project, the one of the first batteries integrated into both industrial enterprises and solar parks will appear in the Baltic States. This will create opportunities to fully employ the market’s potential to trade, provide flexibility and other services to energy system operators”, says Nerijus Virbickas, Head of Innovation at Green Genius. 

 “We appreciate our partnership with Green Genius and the opportunity to be part of a unique 6.5 MW solar energy and 6 MWh Battery energy storage system (BESS) project. It will help to significantly reduce CO2 footprint and will drive innovations in Lithuania. One of our priorities is the financing of sustainable, long-term value-creating projects. By financing domestic businesses, we encourage investments in renewable energy projects. Sustainable economic development and support for innovative technological solutions are part of our business strategy”, says Vaidas Zagunis, Board member and Head of Corporate banking in the Baltics of Citadele Bank. 

 Green Genius’s InnoSolveGreen project aims to demonstrate a sustainable business model that allows business customers to maximize local energy production capacities and complement them with distant production capacities. Thus, industrial customers could ensure their energy independence and a stable, competitive electricity price.  

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