Renewable energy company Green Genius, operating in 8 European markets, signed two deals with financial institutions of German origin to finance the construction of biggest-in-Latvia and second biggest stand-alone solar park in in the Baltic countries. The Berenberg Bank loan is €26 m euros, while Nord LB, the biggest bank in Northern Germany, lends €61 m euros.
The 121 MW project is located in Jekabpils, Central-East of the country. So far, it is the biggest stand-alone solar park in Latvia, taking over 151 ha area. The total planned investment into this solar project is over €100 million.
“Green Genius is strongly committed to empowering sustainability. Jekabpils large scale solar project will bring significant addition of green generation to the Latvian electricity system. This is our first transaction with NORD/LB and our second with The Berenberg Bank. We value the renewable energy expertise and trust from these established financing partners. Green transition continues to require significant capital investments, and lenders’ active role is essential in this process,”– says Rokas Bancevicius, CFO of Green Genius.
“We are delighted to have been able to support Green Genius with the financing of their project, whilst making a significant contribution to the decarbonization of Latvia’s energy sector. This closing marks a major milestone for NORD/LB as our first solar financing in Latvia, and the third in Baltics within a year, demonstrating our commitment to financing renewable energy projects across the region. We look forward to continuing this partnership with Green Genius across the Baltics and beyond.” Niels Jakeman, Head of Energy Origination, Structured Finance Europe, NORD/LB.
Torsten Heidemann, Head of Infrastructure & Energy of Berenberg said, “We are proud to further support Green Genius on its strong growth path in Europe and look forward to finance future Green Genius projects across Europe. This is our second transaction with Green Genius where they have again proved that they have the know-how and resources to become a major player in the European renewable energy market.”
It is the first deal between Green Genius and Nord LB. Meanwhile, the Berenberg bank has provided financing to Green Genius projects before – back in 2022, the Berenberg Green Energy Junior Debt Fund partly financed a 69 MW solar park portfolio for Green Genius in Poland.
The Jekabpils solar park will start generating green electricity in mid-2025. It will save 121,000 tons of CO2 yearly.
