Lithuanian energy supplier Green Genius has secured €9.5 million (US$10.07 million) from investment and insurance company INVL towards building 500MW of renewables projects in Romania.
The company entered the Romanian market in 2020 and is working on greenfield solar project development in the country, adding that it sometimes considers projects for acquisition at an early development stage as well.
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According to Green Genius, Romania’s location is favourable for solar PV due to its high number of sunny days. The regulatory environment in the country has recently improved as well.
PV Tech reported that Romania released information concerning its first round of Contract for Difference (CfD), which seeks 1GW of solar PV.
In addition to developing solar projects in Romania, Green Genius has also secured €6.9 million to construct solar power plants and storage systems for Lithuanian beverage company Svyturys-Utenos Alus, which is within the Carlsberg Group.
Green Genius will install a 1.5MW solar power plant and a 2MWh capacity accumulator on the roof of the company’s brewery in Utena, North Lithuania, in the first stage. In the second stage, a 5MW remote solar power plant and a 4MWh capacity accumulator in Butrimonys, South Lithuania, will be installed.
“With the implementation of this project, one of the first batteries integrated into both industrial enterprises and solar parks will appear in the Baltic States. This will create opportunities to fully employ the market’s potential to trade, provide flexibility and other services to energy system operators”, said Nerijus Virbickas, head of innovation at Green Genius.
The project also received €2.6 million from the Innovation Fund financed by revenues from the EU Emissions Trading System and managed by the European Climate, Infrastructure and Environment Executive Agency (CINEA).
Prior to these latest projects, Green Genius also obtained permits to invest €179 million into two new solar projects in the Baltic states, with a combined capacity of 198.8MW.
The projects consist of a 120.8MW facility near the city of Jekabpils in Latvia, for which the company will invest €109 million, and a 78MW project near Seduva in Lithuania, which will require €70 million for its construction. The company plans to begin construction on both plants “mid-2024”, and expects both to begin commercial operation in 2025.
| PV Tech publisher Solar Media will be organising the third edition of Large Scale Solar CEE in Warsaw, Poland 14-15 November 2023. The event will focus on Eastern Europe with a packed programme of panels, presentations and fireside chats from industry leaders responsible for the build out of solar and storage projects in Poland, Bulgaria, Romania, Greece and Hungary. |
