NIB and NORD/LB co-finance Green Genius’ solar projects in Lithuania
- NIB and NORD/LB lend up to EUR 64 million for two new solar farms in Lithuania
- The solar farms in Izabelinė and Lieponys will have a combined capacity of 182 MWp
- This is Green Genius’ first partnership with NIB
The Nordic Investment Bank (EUR 28 million) and NORD/LB (EUR 36 million) have both signed financing agreements with the Lithuanian renewable energy company Green Genius. NIB’s financing is supported under the InvestEU programme.
The funding will be allocated to two new 91 MWp solar parks in Izabelinė (Ignalina municipality) and Lieponys (Trakai district). In addition, an 18 MW battery storage system (BESS) is planned at the Izabelinė site, enabling a more efficient integration of renewable energy into the grid.
Rokas Bancevičius, CFO of Green Genius, said: “This partnership enables us to implement one of the most technologically advanced renewable energy solutions in the region. By combining large-scale solar generation with battery energy storage, we are introducing a hybrid model that ensures flexibility. It’s a future-proof system that helps stabilise the grid, balances supply and demand, and supports the broader energy transition more smartly and sustainably.”
Martin Lundström, Associate Director, Project & Structured Finance at NIB, said: “In recent years, Lithuania has rapidly expanded its renewable energy capacity, and we are proud to be part of this journey. These projects will further support the diversification of the energy mix and reduce reliance on imported electricity.”
Niels Jakeman, Head of Energy Origination Europe at NORD/LB, said: “We’re thrilled to continue our partnership with Green Genius by financing its latest solar projects in Lithuania. The sites will play an essential role in boosting the country’s PV capacity and driving forward its renewable energy transition.”
Together, the solar farms will generate around 100 GWh of renewable energy annually. They are estimated to reduce 67 000 tonnes of carbon dioxide (CO2) each year.
Construction of both projects will begin in August 2025, with the solar farms expected to reach commercial operation by July 2027.
Green Genius currently has a renewable energy portfolio of around 2.7 GW. UAB GG LTU S5 & UAB GG LTU S9 are SPVs established by the company for the construction and operation of the respective solar farms.
Additional information:
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
