Green Genius to stop operations in Belarus

Green Genius, part of Lithuania’s Modus Group, on Thursday said it has decided to leave Belarus, where it has more than 60 employees, because of the war against Ukraine.

The renewable energy company operates eight biogas plants and one solar park in Belarus totalling 15.6 MW, which, it said, represents less than 1% of its portfolio of more than 1,600 MW of developed and under development projects.

Green Genius chief executive Ruslanas Sklepovicius said the company “cannot continue operations in Belarus – the country that contributes to this unjustifiable war and allows to use its territory as a platform for criminal actions.”

Green Genius is currently seeking solutions for a fast exit from the market in consultation with the European Bank for Reconstruction and Development (EBRD), which provided financing for the projects. Sklepovicius said the company is “working closely with financial partners, lawyers, consultants and other parties to find the best and fastest solutions for exit in the current situation.”

Green Genius has not made investments in Belarus after the 2020 elections and has never operated in Russia. The company said it will fucus on other European markets where it develops solar, wind and biogas projects and help increase the continent's energy independence.

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