EBRD Invests €100 Million in Green Genius to Propel Renewable Energy Growth in Europe

EBRD Invests €100 Million in Green Genius to Propel Renewable Energy Growth in Europe

(IN BRIEF) The European Bank for Reconstruction and Development (EBRD) has announced a €100 million investment in Green Genius, a renewable energy developer, positioning itself as a minority shareholder upon receiving necessary regulatory approvals. This funding will support Green Genius’s ambitious plans to expand its operations across Europe, aiming to develop over 2 GW of renewable energy capacity. The investment underscores the EBRD’s longstanding partnership with the company and represents its first external equity investment in Green Genius. Additionally, the EBRD will assist in improving the company’s environmental, social, and governance (ESG) practices. Green Genius, based in Vilnius, Lithuania, has been expanding its portfolio across several EU markets, focusing on solar, wind, biomethane, and battery solutions.

(PRESS RELEASE) LONDON, 3-Oct-2024 — /EuropaWire/ — The European Bank for Reconstruction and Development (EBRD) has announced a strategic investment of €100 million in Green Genius, a prominent developer in the renewable energy sector. Upon receiving approval from the competition authorities in the relevant countries, the EBRD will acquire a minority stake in the company.

This funding will facilitate Green Genius’s ambitious plans for expansion across Europe, aimed at developing over 2 GW of renewable energy capacity. This initiative is expected to play a crucial role in advancing the green energy transition in the region while enhancing energy security through the diversification of supply.

This investment builds on the EBRD’s decade-long partnership with Green Genius, marking a significant milestone as it represents the largest equity commitment by the Bank to a single company in the Baltic states. It also signifies the EBRD’s first external equity investment in Green Genius.

As one of the fastest-growing privately owned renewable energy developers in Lithuania, Green Genius has made notable strides in expanding its portfolio across not only Lithuania but also other EU markets, including Italy, Latvia, Poland, Romania, and Spain.

In addition to the equity investment, the EBRD will assist Green Genius in enhancing its environmental, social, and governance (ESG) practices, as well as improving supply chain management. Green Genius has committed to promoting gender diversity within the Lithuanian energy sector.

Grzegorz Zielinski, EBRD Head of Energy Europe, stated, “Supporting renewable energy development is at the core of EBRD’s mission, and ensuring energy security is a top priority for the Baltic states. Collaborating with an existing client that we have successfully partnered with for over a decade is an excellent opportunity. We are excited to become a shareholder in Green Genius and to support their expansion and green initiatives across Europe.”

Tomas Kairys, EBRD Head of the Baltic States, added, “This landmark transaction demonstrates the EBRD’s commitment to fostering long-term partnerships in the region. As Green Genius evolves from a developer to an independent power producer, this investment will accelerate their entry into EU markets, including the Baltic states, Poland, and Romania. This initiative reflects the EBRD’s values, emphasizing robust governance and ambitious ESG standards that can serve as a model for current and future clients.”

Ruslan Sklepovič, CEO of Green Genius, expressed enthusiasm for the partnership: “We are thrilled to collaborate with the EBRD. This partnership aligns perfectly with our long-term vision to expand our development portfolio and transition into an independent power producer. With this institutional partnership, we will be better positioned to actively invest in new renewable energy projects.”

Green Genius, part of the Modus Group, is headquartered in Vilnius, Lithuania, and is a leading player in renewable energy development, focusing on solar, wind, biomethane, and battery solutions. To date, the company has successfully developed 2.7 GW of renewable energy projects across various European markets, completing projects totaling 549 MW.

As a leader in climate finance, the EBRD delivered a record €6.5 billion in green economy financing last year, with over €1.8 billion directed toward the green economy in Central Europe and the Baltic states. The Bank continues to engage in policy dialogue to unlock further private and public green financing in its regions.

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SOURCE: EBRD