Lithuania's Green Genius receives loan of 25 mln euros from Luminor to build solar farms

VILNIUS. Dec 6 (Interfax/BNS) - Bank Luminor will provide Green Genius, a company part of Lithuania's Modus Group specializing in renewable energy projects, with a loan of 25.5 million euros.

The funds are for the construction of solar farms in Lithuania with an overall capacity of 39 megawatts, the bank said.

The solar farms will be built in the central, western, and northern parts of the country. There are plans to begin installation in the first quarter of 2023 and end it in the summer of 2024.

Green Genius said in May of this year that it would install solar farms with a capacity of 500 MW and wind farms with a capacity of 200 MW in Lithuania by 2025. There are plans to invest 750 million euros in the projects. The new farms will produce around 10% of the electricity that Lithuania needs.

Luminor has already provided Green Genius with 53 million euros in loans in the past year to build solar farms with a capacity of 85 MW.

Green Genius implements alternative energy projects in Lithuania, Poland, Spain, Italy, and other countries and plans for their overall capacity to total 1.5 gigawatts by 2025.

Luminor is the third largest provider of financial services in the Baltic states.