11MW “Green Genius” Lithuanian biogas power plants were refinanced by “Kommunalkredit AG”
“Green Genius”, a renewable energy company part of “Modus Group”, started a cooperation with the Austrian bank “Kommunalkredit”. The bank, together with its debt fund Fidelio, provided a EUR 23 million Senior Term Loan to refinance the existing debt of the 11 “Green Genius” biogas power plants operated in Lithuania.
The Austrian bank, which has extensive experience in financing green energy projects across Europe (including biogas power plants), refinanced the loans originally issued by local banks for the development of the biogas portfolio. The transaction is the first of its kind in the Lithuanian energy sector for “Kommunalkredit”.
“Our new partner diversified the overall Green Genius funding basis and we are proud of attracting “Kommunalkredit” to the Lithuanian energy market”. Kommunalkredit has renewable energy project expertise and actively supports the development of the renewable energy sector and its experience in the biogas sector has helped to conclude this transaction.” says Rokas Bancevičius, Chief Financial Officer of “Green Genius”.
According to Rokas Bancevičius, the fact that the deal is concluded despite the uncertainty brought by the Covid-19 pandemic, further demonstrates the resilience of energy assets to economic cycles and diverse types of crises. “Green Genius” has installed and operates 11 biogas power plants in Lithuania with a total capacity of 10.8 MW. The portfolio boasts one of the first biodegradable waste recycling lines in the Baltic States which was installed at the power plant near Vievis last year. As a result of “Green Genius” biogas power plants in Lithuania, 120 thousand tons of carbon dioxide are not emitted into the environment on an annual basis. Besides, “Green Genius” operates 8 biogas power plants in Belarus. Their total capacity is 10 MW, and due to their activities, CO2 emissions are reduced by additional 87 thousand tons every year.
“We see investments in sustainable infrastructure and energy security as essential for society, which is why we are supporting Green Genius in its efforts to generate green energy through the management of its Lithuanian biogas portfolio and the upcycling of agricultural waste. It’s important to us to continue to support sponsors that strive to have a positive impact on the environment, notably through the reduction of CO2 emissions and increased cooperation with local stakeholders. Furthermore, this transaction also represented a great opportunity for the bank and Fidelio to enter the Lithuanian energy market with Green Genius as an experienced partner”, says Kommunalkredit’s Head of Banking John Philip Weiland.
“Green Genius” is currently implementing the first phase biogas power plants in Poland. Over the next three years, the company plans to install biogas power plants with a total capacity of 20 MW in the neighboring country. By the end of next year, “Green Genius” plans to install 3 MW of biogas power plants in Poland.
“Green Genius” is also developing solar projects with a combined portfolio of more than 1 GW in Poland, Spain, and Italy. The implementation of these projects will require a total of over EUR 600 million investment. Company’s goal is to be among the top 25 renewable energy developers in Europe over the next four years.
About “Kommunalkredit”: “Kommunalkredit” is a specialist for infrastructure and energy financing. Together with its customers as partners, the bank creates values that continuously improve people’s lives. Main investment segments are energy & environment I communications & digitization I transportation I social infrastructure I natural resources.