Green Genius, a renewable energy company operating in eight European markets, is upgrading its biogas plant portfolio in Lithuania to biomethane production. It is the largest biogas portfolio in the Baltics and Green Genius will invest 35 million euros to modernise it.
Swedbank Lithuania partly finances the project and the Ministry of the Environment also provides financial support.
“This transformation, adapting biogas plants to biomethane production, is a giant leap towards Lithuania’s commitment to sustainable and renewable energy sources,” said Ruslanas Sklepovicius, CEO of Green Genius. “Local biomethane production is critical for Lithuania to meet the country’s decarbonisation targets. In addition, the biomethane production infrastructure will strengthen Lithuania’s role in the region and create a solid foundation for a long-term and efficient greening of the transport sector.”
The Green Genius biogas power plant portfolio in Lithuania consists of 11 plants, 9 of which are suitable for biomethane production. Seven of them will be equipped with biomethane production facilities. In addition, another new biogas plant will be built to produce biomethane. The modernisation of this portfolio also includes the installation of two biomethane injection points.
“This is the largest biogas plant conversion project in the Baltics and will significantly contribute to the country’s emission reduction targets,” added Ignas Mačeika, Member of the Board of Swedbank Lithuania and Head of Corporate Clients. “The fuel produced from these plants will become a greener alternative to imported gas and provide greater potential for the country’s energy sector. We are pleased to have reached another successful financing agreement with Green Genius, which enables us to achieve the country’s important goal of a climate-neutral economy.”
This strategic investment marks a new stage in Lithuania’s decarbonisation process, the importance of which is defined by the twofold benefits it generates. Firstly, the biogas plants reduce the amount of waste emitted into the environment, which causes greenhouse gases. Secondly, biomethane plants will reduce the need for fossil fuels by replacing them with green gases. Green Genius will start transforming its biogas-biomethane portfolio as early as 2024. The construction of the biomethane facilities, the new power plant and the installation of two biomethane injection points is scheduled to be fully completed in 2026.