Green Genius unlocks funds for solar-plus-storage in Lithuania

Lithuanian renewables developer Green Genius has picked up financing for an energy-as-a-service (EaaS) project that will involve installation of 6.5 MW of solar power and 6 MWh of battery energy storage systems (BESS) for a Carlsberg A/S (CPH:CARL-B) brewery in Lithuania.

The firm said on Monday that it has signed a financing agreement worth EUR 6.9 million (USD 7.3m) with Citadele Bank’s branch in Lithuania to fund the construction of two solar-plus-storage power plants for the Svyturys-Utenos Alus brewery.

The brewery will procure the electricity from the plants under an EaaS power purchase agreement (PPA) with Green Genius.

The project will be carried out in two stages. In the first stage, Green Genius will install a 1.5 MW of solar panels and a 2-MWh energy storage system on the roof of the brewery in the city of Utena, north Lithuania. The second stage will see the installation of a 5-MW off-site solar farm and a 4-MWh energy storage system in Butrimonys, south Lithuania.

Once up and running, the pair of plants will generate enough electricity to meet up 100% of the brewer’s demand, Green Genius said.

The project has also received EUR 2.6 million from the Innovation Fund, which is financed from the EU Emissions Trading System and managed by the European Climate, Infrastructure and Environment Executive Agency (CINEA).

(EUR 1.0 = USD 1.058)

Choose your newsletter by Renewables Now. Join for free!