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    Green Genius secures €87 million in funding for construction of Latvian Solar Park

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    Renewable energy company Green Genius, active in eight European markets, has secured financing for the construction of Latvia’s largest and the second largest stand-alone solar park in the Baltic region. The financing comes through two deals with German financial institutions: Berenberg Bank has provided a €26 million loan, while Nord LB, Northern Germany’s largest bank, has contributed €61 million.


    The 121 MW solar park project, located in Jekabpils in the Central-East of Latvia, covers 151 hectares. The total planned investment exceeds €100 million.


    CFO of Green Genius, Rokas Bancevičius, said “Green Genius is strongly committed to empowering sustainability. 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. Green transition continues to require significant capital investments, and lenders’ active role is essential in this process.”


    Head of Energy Origination, Structured Finance Europe, NORD/LB, Niels Jakeman, commented “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.”


    “This closing marks a major milestone for NORD/LB as our first solar financing in Latvia, and the third in 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.”


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


    This collaboration marks Green Genius’s first deal with Nord LB, while Berenberg Bank had previously financed a 69 MW solar park portfolio for Green Genius in Poland in 2022 through its Green Energy Junior Debt Fund. The Jekabpils solar park is expected to begin generating green electricity by mid-2025, saving 121,000 tons of CO2 annually.


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