The renewable energy company Green Genius and the Luminor bank in Lithuania agreed on enlarging the limit of green guarantees to 12m EUR. It is already the third agreement between the two partners on green guarantees.
“The green guarantees provided by the bank to the green energy developer create opportunities for faster and more stable development of green energy projects. These projects will increase the generation of green and independent energy and the region’s energy security. We highly value this reliable partnership with Luminor and the mutually created value-based cooperation,” says Rokas Bancevicius, CFO of Green Genius.
Green guarantees differ from other guarantees as their purpose is clearly defined – they are used only for green projects. Guarantees usually become an essential incentive for green projects in their early stages.
“Three main goals of Luminor Bank are promoting sustainable economic growth, mitigating climate change, and building strong institutions. By financing the development of green energy, we contribute to promoting a sustainable economy. This is the ambition of Luminor Bank today, and it’s great that we can do it in cooperation with our long-standing partners,” says Andrius Načajus, head of Luminor Lithuania.
The first green guarantee agreement between Green Genius and Luminor Lithuania was signed a year and a half ago, in the spring of 2021.
About Green Genius
Green Genius is a renewable energy company that develops solar, biogas, wind, and hydrogen energy projects. The company currently operates in 8 European countries and intends to build renewable energy projects reaching a capacity of 1.5 GW by 2025.
The company has over 10 years of experience in energy production from renewable sources. Green Genius projects produce around 399 GWh of green energy each year, which prevents over 335,000 tonnes of CO2 emissions. It would take over 16 million trees to absorb this amount of CO2 per year. Green Genius is part of the international Modus Group, which operates in 12 European countries.
Luminor is the leading independent bank in the Baltics and the third-largest provider of financial services in the region. They serve the financial needs of individuals, families, and companies.