Lithuanian renewables developer Green Genius has secured funds from German private bank Berenberg to finance the construction of a 69-MWp portfolio of solar projects in Poland.
Lithuanian renewables developer Green Genius has secured funds from German private bank Berenberg to finance the construction of a 69-MWp portfolio of solar projects in Poland.
The Berenberg Green Energy Junior Debt Funds is providing €22 million in mezzanine financing to support Green Genius’ efforts, which will include the installation of around 106,200 solar PV modules across multiple sites, the parties said in a joint press release.
The whole portfolio will require an investment of up to €59 million. It includes projects ranging from 1 MWp, to 5 MWp and 8 MWp spread across Poland. The plants will operate under a mix of four-year power purchase agreements (PPAs), ten-year PPAs and the state-backed 15-year contract-for-difference (CfD) support mechanism, the statement reads.
Green Genius is about to launch construction and is expected to finalise all the projects in 2023.