Lithuania’s Green Genius bags €6.9M to construct renewable energy-based power plants

Lithuania-based Green Genius, a green energy company, announced that it has raised €6.9M from a financing agreement with Citadele Bank of Lithuania. 

The energy company says it will allocate the funding for constructing an energy-as-a-service solution-based power plant to meet 100 per cent of electricity needs by industrial customers from renewable sources.

Green Genius will also install the solar PV modules and batteries-powered power plant on the roof of the Svyturys-Utenos alus brewery within the Carlsberg Group.

The company aims to expand the use of renewable energy-based power plants in the region by harnessing solar, biogas, wind, and hydrogen energies.

Vaidas Zagunis, board member and head of corporate banking in the Baltics of Citadele Bank, says, “We appreciate our partnership with Green Genius and the opportunity to be part of a unique 6.5 MW solar energy and 6 MWh Battery energy storage system (BESS) project. It will help to significantly reduce the CO₂ footprint and will drive innovations in Lithuania. One of our priorities is the financing of sustainable, long-term value-creating projects.”

“By financing domestic businesses, we encourage investments in renewable energy projects. Sustainable economic development and support for innovative technological solutions are part of our business strategy,” adds Zagunis.

Flagship green energy innovation

The InnoSolveGreen project by Green Genius aims to showcase a sustainable business model that allows business customers to maximise local energy production capacities and complement them with distant production capacities.

The project uses two innovative elements, with the first being a novel, zero-investment energy-as-a-service business model for industrial customers that would fulfil 100 per cent of their annual energy needs with cost-effective and locally produced renewable electricity.

The second element is an innovative utility-scale PV-plus-storage system design that combines Direct Current (DC)- and Alternating Current (AC)-connected battery storage systems.

Because energy-as-a-service requires minuscule initial investment from industry customers, multiple industries can rely on the energy solution model with substantial energy cost reductions and 100 per cent energy coverage by green electricity.

Green Genius uses the setup to integrate at least 30 per cent extra renewable energy into existing electrical grids and expand the general use of green electricity in Europe and beyond.

Implementing the energy project

Green Genius will start the project by installing a 1.5MW solar power plant and a 2MWh capacity accumulator on the brewery roof in Utena, North Lithuania. In the following stage, the company will set up a 5MW remote solar power plant and a 4MWh capacity accumulator in Butrimonys, South Lithuania.

These power plants will simultaneously cover up to 100 per cent of the brewery’s electricity demand with PV-plus-storage.

The project has raised €2.6M 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).

CINEA previously affirmed the InnoSolveGreen project by Green Genius as one of the 17 most innovative projects in Europe under the Innovation Fund Small-Scale Call 2021 to reduce greenhouse gas (GHG) emissions and expedite the transition of European industries towards a carbon-free economy.