Green Genius, a renewable energy project developer, agreed to sell a 34 MW solar project portfolio in Lithuania to Nala Renewables, a renewable energy investment and development platform.
Nala Renewables also signed an agreement with Green Genius to acquire further 45 MW of solar projects soon. The acquisitions are expected to raise the total size of the portfolio in Lithuania to 79 MW.
The portfolio will produce approximately 96,000 MW hours of clean electricity per year, enough to power around 9,500 households and reduce approximately 20,000 tons of carbon-based emissions annually.
“We’re delighted to have expanded into Lithuania via acquiring this operational PV portfolio from Green Genius, a well-established counterparty for Nala,” said Will Herlinger, Director at Nala Renewables. “We see the Baltics as a key strategic region for our business and plan to continue to grow our presence there.”
“We are excited that Nala Renewables has chosen projects developed and built by Green Genius as their entry point to Lithuania. This acknowledges the quality of renewable energy projects that the Green Genius team delivers. We want to thank Nala’s team for their trust and professionalism,” said Rokas Bancevičius, CFO of Green Genius.
In June, Green Genius also secured €87 million (~$94 million) in debt financing for constructing a 121 MW solar project in Jekabpils, Central East of Latvia.
According to Mercom’s 1H and Q2 2024 Solar Funding and M&A report, 113 solar project acquisitions totaling 18.5 GW were transacted in 1H 2024, compared to 116 project acquisitions totaling 25.5 GW in 1H 2023.
This week, JUWI, a renewable energy project developer and a wholly owned subsidiary of MVV Energie, announced the sale of a 267 MW solar portfolio in Greece to Foresight and Mirova, a Paris headquartered asset management company. The construction of the projects is expected to begin in August 2024.
