Image: Deon Fosu, Unsplash
The Nordic Investment Bank (NIB) and German Bank Nord/LB have signed financing agreements with the renewable energy company Green Genius established in Vilnius to support the development of two solar parks in Lithuania.
The total financing package is € 64 million ($ 74.7 million), consisting of € 28 million from NIB under the InvesteU program and € 36 million from Nord/LB.
The financing will be allocated to two new 91 MW solar parks, one in Izabelinė in the municipality of Ignalina and the other in Lieponys in the Trakai district, both located in the east of Lithuania.
An 18 MWh storage system for batteries is also planned on the iZabelinė site. Rokas Bancevičius, CFO of Green Genius, noted that the combination of energy storage with solar energy “is a future-proof system that helps stabilize the grid, the balance and supply of balance and supports the broader energy transition smarter and more sustainable.”
The construction of both projects will start this month, whereby every solar farm is expected to reach commercial operation in July 2027.
Lithuania added 240 MW of solar energy during the first half of 2025, after a record year for solar energy in 2024 in which 870 MW was added.
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