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    Green Genius will upgrade Lithuanian biogas plants to biomethane

    Green Genius, a renewable energy firm active in eight European markets, is enhancing its biogas plant collection in Lithuania for the production of biomethane. This portfolio represents the largest in the Baltic region, and Green Genius is allocating €35 million for its modernization. Swedbank Lithuania is contributing to the financing of the project, with additional financial support provided by the Ministry of the Environment of the Republic of Lithuania.

     

    CEO of Green Genius, Ruslanas Sklepovicius, said “This transformation, adapting biogas plants to biomethane production, is a giant leap towards Lithuania’s commitment to sustainable and renewable energy sources. Local biomethane production is critical for Lithuania to meet the country’s decarbonization 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.”

     

    In Lithuania, Green Genius manages a biogas power plant portfolio comprising 11 facilities, with nine being eligible for biomethane production. Seven of these plants are slated for the installation of biomethane production infrastructure. Moreover, a new biogas plant will be constructed specifically for biomethane production. As part of the portfolio’s modernization, two biomethane injection points will also be installed.

     

    The total investment for this initiative amounts to €35 million, with Green Genius securing a portion of the funding from Swedbank Lithuania. Additionally, the Environmental Project Management Agency of the Ministry of Environment of Lithuania has allocated an extra €8.5 million.

     

    Member of the Board of Swedbank Lithuania and Head of Corporate Clients, Ignas Maceika, commented “This is the largest biogas plant conversion project in the Baltics and will significantly contribute to the country’s emission reduction targets. 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.”

     

    Maceika highlights that this funding aligns with the bank’s portfolio of environmentally friendly business loans, which presently exceeds EUR 579 million. Given the substantial financial requirements of transitioning the energy sector to green sources, Swedbank remains a key financier of renewable energy ventures in Lithuania.

     

    This strategic investment in biomethane represents a pivotal phase in Lithuania’s decarbonization journey, offering dual benefits. Firstly, the conversion of biogas plants mitigates the release of waste into the environment, thus curbing greenhouse gas emissions. Secondly, biomethane facilities will diminish reliance on fossil fuels by substituting them with eco-friendly gases.

     

    Green Genius aims to commence the conversion of its biogas-to-biomethane portfolio as early as 2024, with the construction of biomethane facilities, a new power plant, and the installation of two biomethane injection points slated for completion by 2026.

     

    This marks Swedbank Lithuania’s second financing agreement with Green Genius. Last summer, the bank provided EUR 92 million to develop an 80 MW wind farm in the Jurbarkas district, anticipated to generate electricity by 2025. The green electricity generated from this project will be supplied to Lithuanian companies, resulting in an annual reduction of over 130,000 tonnes of carbon dioxide emissions.

     

    Aligned with its goal to achieve climate neutrality by 2050, Swedbank actively supports renewable energy projects and other corporate initiatives focused on sustainable transformations.

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