The partnership between Green Genius and Swedbank for the largest biogas production project in the Baltic region 

The renewable energy company Green Genius has strategically decided to start biogas production. Biogas plays a critical role in decarbonizing the transportation sector, serves as an excellent example of a circular economy, and is a useful and efficient method of waste recycling. The company is carrying out the largest project in the Baltic region in collaboration with Swedbank. 

Green Genius has been active in the renewable energy production field for over a decade and operates 11 biogas plants in Lithuania. According to Green Genius CEO Ruslanas Sklepovicius, a strategic decision was made to modernize the existing biogas plants, converting them into biogas production facilities. This decision was driven by the desire to contribute to the European Union and national goals of reducing carbon dioxide emissions in the energy production sector. The EU aims to reduce emissions by 55% by 2030 compared to 1990 levels. In Lithuania, a significant change in decarbonizing energy sources is needed in the transportation sector, which accounts for nearly 40% of all greenhouse gas emissions during energy production. Therefore, the use of biogas in this sector will be particularly significant. 

“Biogas production is not only an efficient method of organic waste recycling but also an important factor in combating climate change and decarbonizing the transportation sector. Biogas becomes a key tool in reducing carbon dioxide emissions in transportation because electrifying the entire sector is too complex, especially for ships, planes, or heavy road transport. Understanding this, we decided to offer the market a cleaner energy alternative by converting our plants to produce biogas,” says R. Sklepovicius. 

A representative from Swedbank, which finances the conversion of biogas plants, emphasizes that Green Genius’ biogas production model aligns with the bank’s strategic commitment to help its clients move towards sustainability. The decision to collaborate was made considering strong financial parameters, the developer’s experience, and the project’s clear alignment with the EU Green Deal goals. 

“Biogas is one of the main directions for the decarbonization of EU industry, and Green Genius is well-versed in energy production from organic waste, biogas supply chain maintenance, and other essential project nuances. Thus, we do not doubt that this largest biogas project in the Baltic region will proceed smoothly. The green transformation requires significant financial resources, so we are pleased to contribute to a project that will make a substantial contribution to the country’s national emission reduction targets,” says Ignas Maceika, Member of the Board and Head of the Business Clients Service at Swedbank. 

Multifaceted benefits of biogas 

According to the Swedbank representative, in the context of financed renewable energy projects, the Green Genius project stands out because currently, most bank financing goes to solar or wind power generation. Biogas production is a step towards further decarbonization stages, and its benefits include not only cleaner energy but also useful and circular waste usage. 

“This unique project in the market can have a chain effect in reducing environmental impact on several levels by using secondary waste for energy production and preventing methane emissions into the atmosphere, which has about four times more negative impact than carbon dioxide. Biogas is one of the alternatives to replace a significant part of fossil fuels in heavy transport, so the infrastructure and experience developed by Green Genius will be useful in achieving this goal,” notes Ignas Maceika. 

Renewable gas is produced by anaerobically fermenting organic waste. Later, it is converted into energy, preventing the release of greenhouse gases into the atmosphere that would occur if organic waste were to enter the soil or landfills. Such solutions, providing dual benefits, are identified in the EU agenda as “win-win solutions” and should be prioritized. 

Due to its higher energy density, biogas is a more efficient alternative to biogas. It can be beneficial in many areas, from heat production to fuel for heavy transport. For example, in Germany or Sweden, biogas is used in households, the transportation sector, and industry. In the UK and France, biogas projects are encouraged by government subsidies to support the use of clean energy and achieve environmental goals. In the long term, biogas plays an important role in achieving climate goals and strengthening Europe’s energy independence. 

“Developing the biogas market promotes a sustainable economy, reduces dependence on fossil fuels, and strengthens energy security. This renewable energy direction contributes to the development of green technologies and positively impacts environmental protection, making it extremely important and promising for achieving the Green Deal and EU energy independence,” R. Sklepovicius points out. 

“In the field of decarbonization, both the EU and Lithuania have ambitious goals. Considering this, the Green Genius project received not only bank financing but also support from the Environmental Project Management Agency of the Ministry of Environment of the Republic of Lithuania. This only shows that such investments are highly needed in Lithuania,” emphasizes the Swedbank representative. 

Financing green energy projects – an important part of business strategy 

35 million euros are being invested in the Green Genius biogas plant conversion project. In total, the company will convert seven of its plants. Biogas will allow heavy transport companies to use more environmentally friendly fuel and help reduce carbon dioxide emissions in the transport sector. It is estimated that a heavy vehicle powered by biogas pollutes the environment 80-90% less than a diesel one. 

“Our goal is not only to produce clean energy but also to promote sustainability principles in society. We are constantly looking for new ways to contribute to sustainable development. Currently, we are working intensively on solar, biogas, wind, green hydrogen, and storage projects. These areas allow us to diversify our activities and effectively respond to energy market changes, ensuring energy supply security and stability,” says R. Sklepovicius. 

According to the Swedbank representative, the loan provided to Green Genius complements the bank’s green business loan portfolio, which currently amounts to over 579 million euros. “As leaders in renewable energy financing, we will continue to actively contribute to green energy projects and the innovations introduced by our clients oriented towards sustainable change, ensuring capital for a smooth green transformation in Lithuania,” says Ignas Maceika. 

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