NIB and NORD/LB Finance Green Genius’ 182 MWp Solar Projects in Lithuania with Battery Storage Integration

Image: Green Genius

(IN BRIEF) NIB and NORD/LB will provide up to EUR 64 million to finance two 91 MWp solar parks in Izabelinė and Lieponys, Lithuania, developed by Green Genius. Supported by the InvestEU programme, the projects include an 18 MW battery storage system to enhance grid integration and stability. Expected to generate around 100 GWh of renewable energy annually, the farms will reduce CO₂ emissions by about 67,000 tonnes each year. Construction begins in August 2025 with operations starting July 2027. This is NIB’s first partnership with Green Genius, which has a 2.7 GW renewable portfolio and operates across seven European markets.

(PRESS RELEASE) HELSINKI, 14-Aug-2025 — /EuropaWire/ — The Nordic Investment Bank (NIB) and NORD/LB have signed financing agreements totaling up to EUR 64 million to support the construction of two large-scale solar farms in Lithuania by renewable energy developer Green Genius. This marks the first collaboration between NIB and Green Genius, with NIB providing EUR 28 million under the InvestEU programme and NORD/LB contributing EUR 36 million.

The projects will see the development of two 91 MWp solar parks—one in Izabelinė, Ignalina municipality, and another in Lieponys, Trakai district. At the Izabelinė site, an additional 18 MW battery energy storage system (BESS) will be installed, enabling more efficient integration of renewable electricity into Lithuania’s power grid and supporting system stability.

According to Rokas Bancevičius, CFO of Green Genius, the hybrid combination of large-scale solar generation with battery storage represents “one of the most technologically advanced renewable energy solutions in the region.” He emphasized that the model provides flexibility, stabilizes the grid, balances supply and demand, and supports the broader energy transition in a sustainable way.

Martin Lundström, Associate Director of Project & Structured Finance at NIB, noted Lithuania’s rapid growth in renewable capacity and underlined the importance of these projects in diversifying the national energy mix and reducing reliance on imports. Niels Jakeman, Head of Energy Origination Europe at NORD/LB, highlighted the bank’s continued partnership with Green Genius, stating that the projects will be crucial in expanding Lithuania’s photovoltaic capacity and driving its clean energy transition.

Once operational, the two solar farms are expected to produce around 100 GWh of renewable electricity annually—enough to significantly reduce carbon emissions by approximately 67,000 tonnes each year. Construction is scheduled to begin in August 2025, with commercial operations targeted for July 2027.

Green Genius currently holds a renewable energy portfolio of about 2.7 GW and operates across seven European markets, with projects spanning solar, wind, battery storage, and biomethane. The company, partly owned by the European Bank for Reconstruction and Development (EBRD), has established two special purpose vehicles—UAB GG LTU S5 and UAB GG LTU S9—to manage the construction and operation of the Lithuanian solar parks.

NIB, an international financial institution serving the Nordic-Baltic region, is known for financing projects that improve productivity and benefit the environment. Its involvement in this initiative is supported by the InvestEU programme, which mobilizes public and private capital for EU policy priorities. NORD/LB, a pioneer in renewable energy finance since the 1990s, brings decades of experience and a strong track record in funding clean energy projects across global markets.

Green Genius

Green Genius is a renewable energy company, partly owned by EBRD, on a mission to empower sustainability for people, nature, and the planet. Operating across 7 European markets, the company drives decarbonisation in the energy and transport sectors through solar, wind, battery storage, and biomethane solutions. With 19 years of expertise, Green Genius is at the forefront of Europe’s clean energy transition, aiming to reach over 1 GW of operational renewable capacity. One of Green Genius’s shareholders is the European Bank for Reconstruction and Development (EBRD).

Nordic Investment Bank

NIB is the international financial institution of Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway, and Sweden. NIB finances projects that improve productivity and benefit the environment of the Nordic-Baltic region. The Bank was founded in 1975, began operations in 1976, and the Baltic countries joined in 2005. The Bank is headquartered in Helsinki with a regional hub in Riga. NIB has the highest possible credit rating, AAA/Aaa, with S&P Global Ratings and Moody’s.

The InvestEU programme provides the European Union with crucial long-term funding by leveraging substantial private and public funds. It aims to trigger more than EUR 372 billion in investment for EU policy priorities, such as the European Green Deal, the digital transition and support for small and medium-sized enterprises. NIB is InvestEU implementing partner since December 2022.

NORD/LB

NORD/LB Norddeutsche Landesbank is one of Germany’s leading commercial banks, and a pioneer in renewable energy project finance since the 1990s, across more than 30 markets. As an institute under public law, it is part of the S-Finance Group. Its core business segments include corporate customers, special financing in the energy and infrastructure sectors, financing commercial real estate via Deutsche Hypo, capital market business, association business with the savings banks, and private and commercial customers including private banking. The bank is based in Hanover, Braunschweig, and Magdeburg and has branches in Oldenburg, Hamburg, Schwerin, Düsseldorf, and Munich. Outside Germany, NORD/LB is represented by a Pfandbrief bank (NORD/LB Covered Bond Bank) in Luxembourg and by branches in London and New York.

Contacts:

Martin Lundström, Associate Director, Project and Structured Finance, +358 10 618 0426, martin.lundström@nib.int

Iiris Anttalainen, Communications Officer, +358 10 618 0257, iiris.anttalainen@nib.int

SOURCE: Nordic Investment Bank