The Nordic Investment Bank (NIB) and German bank NORD/LB have signed financing agreements with Vilnius-based renewable energy company Green Genius to support the development of two solar parks in Lithuania.
The total funding package totals €64 million ($74.7 million), consisting of €28 million from NIB under the InvestEU programme and €36 million from NORD/LB.
The funding will be allocated to two new 91 MW solar parks, one located in Izabelinė within the Ignalina municipality and the other in Lieponys within the Trakai district, both located in eastern Lithuania.
An 18 MWh battery energy storage system is also planned at the Izabelinė site. Rokas Bancevičius, CFO of Green Genius, commented that the combination of energy storage with solar is “a future-proof system that helps stabilise the grid, balance supply and demand, and supports the broader energy transition more smartly and sustainably.”
Construction of both projects will begin this month, with each solar farm expected to reach commercial operation by July 2027.
Lithuania added 240 MW of solar during the first half of 2025, following a record year for solar in 2024 which saw 870 MW added.
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