Wedoany.com Report-May 17, Lithuania's national development bank, ILTE, has signed an agreement with international renewable energy company Green Genius to finance 10 solar parks across the country. The combined capacity of these projects will reach approximately 89.7MW, with €48.9 million in loan funding provided.

Rokas Bancevičius, CFO of Green Genius, remarked: “These projects reflect our consistent commitment to expanding green and energy-independent solutions in Lithuania and across Europe. The construction of the solar plants has already begun, and we expect to complete the work next year. We highly value ILTE’s expertise and smooth cooperation in financing Green Genius projects.”

This partnership is the second between Green Genius and ILTE. Earlier in the year, the two entities collaborated on a €3.9 million solar park project with a capacity of 6.6MW. By 2025, ILTE will have financed a total of 11 Green Genius solar parks in Lithuania.

Giedrė Gečiauskienė, Head of Client Financing at ILTE, commented: “Sustainability commitments, an integrated approach to energy generation, and Green Genius’ long-standing experience will not only help strengthen Lithuania’s energy independence but also drive the green transformation across the region.”

The projects are expected to generate more than 100,000 MWh of clean electricity annually once completed. They will be financed through ILTE’s “Renewable Energy Loans for Legal Entities” instrument, which was initially designed for solar and wind projects but has recently expanded to include energy storage devices. Funding is available to those installing energy storage systems at the same grid connection point as existing or planned renewable power plants.