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Renewable energy has become a main source of electricity. Wind and solar power technologies will shape the future of sustainable energy systems. Green Genius, the leading company in solar power development in Europe, has decided to expand its electricity generation portfolio by adding wind and hydrogen power.
Green Genius develops its wind parks and also acquires pre-developed projects. At present, its most mature project is in the Jurbarkas district of Lithuania. Operations are planned to start in the second quarter of 2024, with an estimated capacity of 85 megawatts (MW).
It is expected that in Lithuania, by 2025, Green Genius’ development pipeline will reach 500 MW, and its co-development in Latvia will reach 300 MW. Green Genius is constantly seeking new markets for wind development possibilities.
Green Genius has an interest in entering the “green hydrogen” market. It will concentrate on green hydrogen production and its transformation into biomethane or bioethanol, exploiting synergies with sustainable supplies of CO2 from biogas plants.
Green Genius and Respect Energy have signed a 10-year PPA agreement. As part of it, Green Genius will supply 25 GWh of green energy annually to Respect Energy and its customers, allowing to save the emission of more than 180 000 tonnes CO2 during its tenor. PPA contracts are one of the key elements for decarbonization of EU and enable companies to hedge against unexpected future changes in the price of electricity. "The PPA agreement with Respect Energy is a significant part of our 4h portfolio in Poland market, therefore, we appreciate this partnership a lot. I believe that developing renewable energy sources is the only way for the trustworthy future energy supply and independence of the European countries, says Povilas-Emilis Čėsna, Head of trading and Origination at Green Genius. Additionally, he points out, that PPA contracts turns out to be a haven for enterprises. For many companies, it is also a key element to implement the ESG strategy, as many of them make a commitment to purchase energy from green sources. “This agreement between Green Genius and Respect Energy is a guarantee for our customers, allowing them to balance its operational activities and secure stability in the future. - states Sebastian Jablonski, Chairman of the Board at Respect Energy. After the invasion into Ukraine and current increasing electricity market prices, renewables play a significant role helping companies to fix their electricity costs from further price increase. The agreement between Green Genius and Respect Energy has been signed for 10 years and will enter into force on January 1, 2024. Respect Energy will receive 25 GWh of green energy annually for its customers. It will come from photovoltaic power plants with a total installed capacity of 21 MW, which are currently being built in Poland as part of the 4th Green Genius project portfolio.