September 23 (Renewables Now) – 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 EUR 22 million (USD 21.4m) 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 on Friday.
The whole portfolio will require an investment of up to EUR 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 works in 2023.
(EUR 1.0 = USD 0.975)
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