Renewable energy firm Green Genius, operating across eight European nations, and Lithuania’s Citadele Bank have inked a financing agreement valued at nearly €7 million.
These funds will be directed towards the construction of a power plant that will employ an inventive Energy-as-a-Service approach, allowing it to fulfill 100% of the electricity needs of industrial clients using renewable resources.
This power plant merges solar PV modules and energy storage systems and will be situated on the roof of the Svyturys-Utenos alus brewery, which is part of the Carlsberg Group.
In the initial phase, Green Genius will set up a 1.5MW solar power facility and a 2MWh storage unit on the brewery’s roof in Utena, located in northern Lithuania. In the subsequent stage, a 5MW remote solar power installation along with a 4MWh storage unit in Butrimonys, southern Lithuania, will be installed. Collectively, these power plants will fully meet the brewery’s electricity demand through PV technology and storage.
The project has received €2.6 million from the Innovation Fund, funded by the proceeds from the EU Emissions Trading System and administered by the European Climate, Infrastructure, and Environment Executive Agency (CINEA).
CINEA recognized Green Genius’s InnoSolveGreen project as one of the 17 most innovative projects in Europe under the 2021 Innovation Fund small-scale call. This initiative aims to reduce greenhouse gas emissions and expedite the shift of European industries toward a carbon-free economy.
Head of Innovation at Green Genius, Nerijus Virbickas, said “With the implementation of this project, the one of the first batteries integrated into both industrial enterprises and solar parks will appear in the Baltic States. This will create opportunities to fully employ the market’s potential to trade, provide flexibility and other services to energy system operators”.
Board member and Head of Corporate banking in the Baltics of Citadele Bank, Vaidas Zagunis, stated “We appreciate our partnership with Green Genius and the opportunity to be part of a unique 6.5 MW solar energy and 6 MWh Battery energy storage system (BESS) project. It will help to significantly reduce CO2 footprint and will drive innovations in Lithuania.
One of our priorities is the financing of sustainable, long-term value-creating projects. By financing domestic businesses, we encourage investments in renewable energy projects. Sustainable economic development and support for innovative technological solutions are part of our business strategy”.
The goal of Green Genius’s InnoSolveGreen project is to showcase a sustainable business model that empowers commercial clients to optimize their local energy generation capabilities while supplementing them with remote production capabilities. This approach enables industrial customers to secure both their energy self-sufficiency and a consistent, cost-effective electricity rate.
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