Green Genius Obtains €87 Million Funding for Latvia’s Largest Independent Solar Park

Renewable energy company Green Genius, which operates across eight European markets, has announced the signing of two major financing deals with German financial institutions to support the construction of Latvia’s largest stand-alone solar park. The project, located in Jekabpils in the Central-East region of the country, will be the second-largest stand-alone solar park in the Baltic countries.

The financing comprises a €26 million loan from Berenberg Bank and a €61 million loan from Nord LB, the largest bank in Northern Germany. The 121 MW solar park will cover an area of 151 hectares and represents a total planned investment of over €100 million. The park is expected to start generating electricity by mid-2025, contributing significantly to Latvia’s green energy generation and reducing CO2 emissions by 121,000 tons annually.

“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,” stated Rokas Bancevičius, CFO of Green Genius.

Niels Jakeman, Head of Energy Origination, Structured Finance Europe at NORD/LB, expressed the bank’s enthusiasm: “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.”

Torsten Heidemann, Head of Infrastructure & Energy at Berenberg, added, “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.”

This deal marks the first collaboration between Green Genius and Nord LB. Berenberg Bank has previously financed Green Genius projects, including a 69 MW solar park portfolio in Poland in 2022 through the Berenberg Green Energy Junior Debt Fund.

The Jekabpils solar park underscores Green Genius’s commitment to sustainability and renewable energy, promising to significantly enhance Latvia’s green energy capabilities while contributing to global efforts to combat climate change.