Green Genius, a renewable energy company, signed a €36.66 million (~$42.94 million) financing agreement with RGREEN INVEST, a French independent investment management company. The financing will be used for the construction of the 78 MW Šeduva solar project in Lithuania.
Once completed, the project is scheduled for connection to Litgrid’s transmission network for the spring of 2027. Additionally, a co-located battery energy storage project is planned to be built around the same time.
The financing is provided through INFRABRIDGE IV, one of RGREEN INVEST’s debt funds, specializing in offering flexible, long-term financing solutions for large-scale renewable energy projects across Europe.
“This is an important milestone for both Green Genius and Lithuania’s energy sector. This large-scale collocated power plant will supply green and independent energy to the region. Collocated BESS will ensure effective use of the generated energy and support balancing of the grid,” says Rokas Bancevičius, CFO of Green Genius.
Mathilde Ketoff, Partner & Head of Debt at RGREEN INVEST, adds, “This financing reflects our long-term commitment to supporting projects which contribute to European energy transition and independence. This investment aligns with our strategy to support reliable and innovative partners like Green Genius, whose work in advancing green energy solutions resonates with RGREEN INVEST’s mission to accelerate the transition to a low-carbon and sovereign European energy model.”
In June 2024, Green Genius secured €87 million (~$94 million) in debt financing for the construction of a 121 MW solar project in Jekabpils, located in the central east of Latvia. The project is expected to start commercial operation by mid-2025.
In addition, the company agreed to sell a 34 MW solar project portfolio in Lithuania to Nala Renewables, a renewable energy investment and development platform, last year.
According to Mercom’s Q1 2025 Solar Funding and M&A report, announced large-scale project funding increased by 27% in Q1 2025 compared to Q1 2024.
