Green Genius provides EUR 87 million in financing for the largest stand-alone solar park in Latvia

Renewable energy company Green Genius, operating in eight European markets, announced the signing of two large financing agreements with German financial institutions to support the construction of the largest stand-alone solar park in Latvia. The project located in Jekabpils in the central-eastern region of the country will be the second largest stand-alone photovoltaic park in the Baltic countries.

The financing includes a €26 million loan from Berenberg Bank and a €61 million loan from Nord LB, the largest bank in northern Germany. The 121 MW photovoltaic park will cover an area of ​​151 hectares, and the total planned investment will amount to over EUR 100 million. The park is expected to start generating electricity by mid-2025, contributing significantly to green energy generation in Latvia and reducing CO2 emissions by 121,000 tonnes per year.

“Green Genius is strongly committed to strengthening sustainability. The large-scale photovoltaic project in Jekabpils will significantly increase the production of green energy in the Latvian power system. This is our first transaction with NORD/LB and the second with The Berenberg Bank. We value the renewable energy expertise and trust of these established financial partners. The green transformation continues to require significant capital investments, and the active role of lenders in this process is crucial,” said Rokas Bancevičius, CFO of Green Genius.

Niels Jakeman, Director of Energy Sourcing, Structured Finance Europe at NORD/LB, expressed the bank’s enthusiasm: “We are delighted to have supported Green Genius in financing their project, while making a significant contribution to the decarbonization of the Latvian energy sector. This closing marks a significant milestone for NORD/LB as our first solar financing in Latvia and third in the Baltics during the year, demonstrating our commitment to financing renewable energy projects across the region. We look forward to continuing our partnership with Green Genius in the Baltic countries and beyond.”

Torsten Heidemann, Director of Infrastructure and Energy at Berenberg, added: “We are proud to continue to support Green Genius on its strong growth path in Europe and look forward to financing future Green Genius projects across Europe. This is our second transaction with Green Genius and they have once again proven that they have the know-how and resources to become a major player in the European renewable energy market.”

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

The Jekabpils solar park highlights Green Genius’ commitment to sustainability and renewable energy, promising to significantly increase Latvia’s green energy potential while contributing to global efforts to fight climate change.

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