Green Genius Secures €87 Million in Financing for Latvia’s Largest Stand-Alone Solar Park

Green Genius, a leading renewable energy developer, has successfully obtained €87 million in financing to initiate the construction of a landmark solar project in Latvia.

The company finalized two agreements with German financial institutions, Berenberg Bank and Nord LB, to fund the 126MW solar park situated in Jekabpils, in the central eastern region of Latvia. Berenberg Bank will provide €26 million, while Nord LB will contribute €61 million, bringing the total planned investment for this solar project to over €100 million.

The Jekabpils solar park is slated to begin generating electricity in mid-2025. This project aligns with Green Genius’ strong commitment to promoting sustainability and will significantly augment the green energy production within Latvia’s electricity system.

Rokas Bancevicius, CFO of Green Genius, expressed the company’s appreciation for the renewable energy expertise and trust provided by their financial partners. He emphasized the critical role of lenders in the green transition, which requires substantial capital investments.

Niels Jakeman, Head of Energy Origination, Structured Finance Europe at Nord LB, highlighted the significance of this project in contributing to the decarbonization of Latvia’s energy sector. This transaction marks Nord LB’s first solar financing in Latvia and third in the Baltics within a year, showcasing their commitment to supporting renewable energy projects in the region.

Torsten Heidemann, Head of Infrastructure & Energy at Berenberg, reiterated their pride in supporting Green Genius’ growth trajectory in Europe and their anticipation of financing future projects across the continent. He acknowledged Green Genius’ expertise and resources as key factors in their emergence as a major player in the European renewable energy market.

This agreement marks the first collaboration between Green Genius and Nord LB. Previously, Berenberg Bank provided financing to Green Genius in 2022 for a 69MW solar park portfolio in Poland, demonstrating a successful partnership in the renewable energy sector.

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