Green Genius to pick up EUR 9.5m in financing for Romanian solar

Lithuanian renewables developer Green Genius is set to obtain EUR 9.5 million (USD 10m) in financing to develop and build solar power projects in the Romanian market, where it is pursuing a 500-MW goal.

Mundus Bridge Finance, a private debt fund of Lithuanian investment manager Invalda INVL AB (VSE:IVL1L), will provide the financing by purchasing a private placement of bonds.

The transaction is expected to be carried out in several stages. Mundus Bridge Finance’s first investment will stand at EUR 0.5 million, INVL said.

Green Genius arrived in the Romanian market in 2020 with an intention to work on greenfield solar and wind project development. In February 2022, the company announced a plan to build 500 MW of solar farms in Romania by 2025, anticipating an investment effort of EUR 450 million.

In November 2022, INVL followed up by announcing that its INVL Renewable Energy Fund I had reached a total size of EUR 52.9 million, allocated to investments in renewables across the European Union, mostly in Romania and Poland.

(EUR 1.0 = USD 1.056)

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