Green Genius, a renewable energy company, has secured €87 million (~$94 million) in debt financing for the construction of a 121 MW solar project in Jekabpils, Central East of Latvia.
The company received funding from two banks, of which €26 million (~$28 million) was provided by Berenberg Bank, while Nord LB loaned €61 million (~$66 million). The total planned investment for the project is over €100 million (~$108 million).
According to the company, the project is expected to start commercial operation by mid-2025 and is expected to save 121,000 tons of CO2 yearly.
It is the first deal between Green Genius and Nord BL. Meanwhile, in 2022, Berenberg used the Green Energy Junior Debt Fund to provide Green Genius with a €22 million (~$21.23 million) debt financing for the construction of a 69 MW portfolio of solar projects in Poland.
Torsten Heidemann, Head of Infrastructure & Energy of Berenberg, said, “We are proud to further 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, where they have again proved that they have the know-how and resources to become a major player in the European renewable energy market.”
According to Mercom’s Q1 2024 Solar Funding and M&A report, large-scale project funding announced in Q1 2024 came to $13 billion in 62 deals, a decrease of 24% QoQ compared to $17.1 billion in 60 deals in Q4 2023.
Photon Energy, a solar project developer, recently secured €15 million (~$16.24 million) senior secured loan from the European Bank for Reconstruction and Development (EBRD) to develop a 29 MW solar project portfolio in Romania.
