Green Genius locks debt to build 121-MW solar park in Latvia

Lithuanian renewables developer Green Genius has obtained EUR 87 million (USD 93.5m) in debt financing enabling it to launch the construction of a 121-MW solar park set to become the largest standalone photovoltaic (PV) complex in Latvia.

Germany’s Berenberg Bank has provided Green Genius with a loan of EUR 26 million, while the remaining EUR 61 million was extended by its compatriot Nord LB, the renewables developer said on Tuesday. It estimates the overall cost of the project at over EUR 100 milion.

The proceeds will support the installation of a PV park in the city of Jekabpils, in Central East Latvia. The complex will cover more than 151 ha (373.1 acres) of land, with its annual output expected to mitigate around 121,000 tonnes of carbon dioxide (CO2) emissions.

The Jekabpils plant should become operational in the middle of 2025.

Green Genius, part of Modus Group, currently has over 2.6 GW of projects in development and under construction in its pipeline across eight 8 European countries.

(EUR 1.0 = USD 1.075)

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