Renewable energy company Green Genius, operating in 8 European markets, signed two deals with financial institutions of German origin to finance the construction of the biggest in Latvia and the second biggest stand-alone solar park in the Baltic countries. The Berenberg Bank loan is 26 million euros, while Nord LB, the biggest bank in Northern Germany, is lending 61 million euros.
The 121 megawatts (MW) project is located in Jekabpils, Central-East of the country. So far, it is the biggest stand-alone solar park in Latvia. The total planned investment into this solar project is over 100 million euros.
“Green Genius is strongly committed to empowering sustainability,” said Rokas Bancevičius, CFO of Green Genius. “The 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. The green transition continues to require significant capital investments, and lenders’ active role is essential in this process.”
“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,” commented Niels Jakeman, Head of Energy Origination, Structured Finance Europe at NORD LB. “This closing marks a major milestone for NORD LB as our first solar financing in Latvia and the third in the 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.”
The Jekabpils solar park will start generating green electricity in mid-2025. It will save 121,000 tons of CO2 yearly.