Green Genius secures debt for Polish solar portfolio

• Lithuanian programmer secures EUR22m to construct 69MW of PV

Renewable energy company Green Genius has secured financing from the Berenberg Green Energy Junior Debt Fund to build a 69MWp solar park portfolio in Poland.

The Berenberg Green Energy Junior Debt Fund will certainly provide financing of EUR22m euros, which, together with other funds, will be utilized to develop and operate the projects. Total financial investment in the project will rise to EUR59m.

The project portfolio will consist of private 1MWp, 5MWp or 8MWp PV plants spread throughout Poland.

The project portfolio will be constructed with around 106,200 photovoltaic modules, which will produce enough energy to satisfy the electricity demand of around 24,200 homes. Additionally, 49,490 tonnes of CO2 will be saved from exhaust into the atmosphere.

It will certainly operate on a mix of 10-year PPAs, four-year PPAs and also the state-backed 15-year contract-for-difference (CfD) assistance system ensuring stable power rates for the projects.

The portfolio is about to begin building and construction and also is expected to be completed in 2023.

" Besides the region's energy independence urgency, sustainability problems have not gone anywhere. Relied on monetary partners have constantly had a major duty in making large changes happen. Consequently, we're delighted to start a new partnership with Berenberg in our lengthy as well as purposeful journey," said Rokas Bancevicius, CFO of Green Genius.

Torsten Heidemann, Head of Infrastructure & Energy of Berenberg, included: "We are proud to sustain Green Genius on its solid growth path in Poland and also eagerly anticipate finance future Green Genius projects across Europe. They have the knowledge and also sources to come to be a major player in the European renewable energy market."