Lithuania’s national development bank ILTE has inked a deal with international renewable energy company Green Genius to finance 10 remote solar parks across the country.
The total capacity of the projects will reach around 89.7MW, with loan funding amounting to €48.9 million.
Chief financial officer at Green Genius Rokas Bancevičius said: “These projects reflect our consistent commitment to expanding green and energy-independent solutions in Lithuania and across Europe.
“Construction of the solar plants has already begun, and we expect to complete the work next year.
“We highly value ILTE’s expertise and smooth co-operation in financing Green Genius projects.”
This agreement marks the company’s second partnership with ILTE. Earlier this year, a 6.6MW solar park project valued at €3.9m was financed.
In total, ILTE will finance 11 Green Genius solar parks in Lithuania by 2025.
Head of client financing at ILTE Giedrė Gečiauskienė said: “Sustainability commitments, an integrated approach to energy generation, and Green Genius’ long-standing experience will not only help strengthen Lithuania’s energy independence but also drive the green transformation across the region.”
Once implemented, the projects are expected to generate over 100,000MWh of clean electricity annually.
They are being financed through ILTE’s “Renewable Energy Loans for Legal Entities” instrument.
The instrument was originally intended to finance solar and wind projects but has also begun to fund energy storage devices.
Funding is available to those who plan to install an energy storage system at the same grid connection point as their existing or planned solar, wind, or hybrid power plant.
