Green Genius secures US$75 million for Lithuanian solar-plus-storage portfolio

August 13, 2025
Facebook
Twitter
LinkedIn
Reddit
Email
A Green Genuis solar project.
Green Genius expects to begin commercial operation at both projects by July 2027. Image: Green Genius.

Lithuanian independent power producer (IPP) Green Genius has secured €64 million (US$75 million) in finance to support the development of a solar-plus-storage portfolio in Lithuania.

The investment will be used to support the development of a 91MW project in Izabelinė, in the Ignalina municipality, to be co-located with an 18MW battery energy storage system (BESS), and a separate 91MW solar project in Lieponys, in the Trakai district. The developer expects to begin construction at both projects this month, and begin commercial operation at both facilities by July 2027.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

“By combining large-scale solar generation with battery energy storage, we are introducing a hybrid model that ensures flexibility,” said Green Genius CFO Rokas Bancevičius. “It’s a future-proof system that helps stabilise the grid, balances supply and demand and supports the broader energy transition more smartly and sustainably.”

Integrating storage systems into Lithuania’s changing energy mix could be essential if the country is to meet its renewable energy goals. In preparation for its disconnection from Russia’s energy grid, which took place in February, Lithuania invested in new renewable energy capacity, and research group Ember reports that wind and solar accounted for 65% of the country’s domestic electricity generation in 2024.

Alongside this, the government has sought to expand its storage sector to accommodate a power mix that is increasingly reliant on renewable energy. The government is aiming to install 800MWh of BESS capacity by 2030 in order to reach its 100% renewable energy generation target by the end of the decade.

At least year’s Large Scale Solar Central Eastern Europe event, hosted in Warsaw by Solar Media, industry experts called on countries in eastern Europe to build more “intelligent” energy grids, which take advantage of technologies facilitating flexibility, such as storage.

Green Genius’ latest financing was delivered by the Nordic Investment Bank (US$32.8 million) and NORD/LB (US$42.2 million), with the former’s support delivered through the InvestEU programme, an EU initiative to encourage more than US$436.2 billion in private investment into sectors such as digitisation and renewable energy. Last year, the InvestEU fund was responsible for delivering funds for an 84MW solar-plus-storage portfolio in Latvia.

PV Tech publisher Solar Media will host the fifth edition of Large Scale Solar Central and Eastern Europe in Warsaw, Poland, from 25-26 November 2025. The event will focus on the Eastern Europe solar and storage sectors, with a packed programme of panels from industry leaders, responsible for the build out of solar and storage projects in Poland, Bulgaria, Romania, Hungary and the Baltics. For more information visit the event website.

3 November 2026
Málaga, Spain
Understanding PV module supply to the European market in 2027. PV ModuleTech Europe 2026 is a two-day conference that tackles these challenges directly, with an agenda that addresses all aspects of module supplier selection; product availability, technology offerings, traceability of supply-chain, factory auditing, module testing and reliability, and company bankability.

Read Next

Premium
January 15, 2026
Analysis: Expected changes to the EU’s cybersecurity laws that could have significant implications for the continent’s solar industry have been delayed, reportedly due to disagreement between officials and member states over how far they should go.
January 15, 2026
The European Bank for Reconstruction and Development (EBRD) will invest almost US$200 million in a 300MW/75MWh solar-plus-storage project in Uzbekistan.
January 14, 2026
Solar dominated employment in the renewable energy sector in 2024, accounting for over 40% of the global renewables workforce, the most of any sector.
January 14, 2026
Lightsource bp has signed a virtual PPA with Toyota Motor North America to sell electricity generated at its 231MW Jones City 2 solar farm.
January 13, 2026
Portuguese utility EDP has begun operations on a hybrid solar and hydropower project in Portugal, the first of its kind in the country.
January 13, 2026
US distributed generation platform Aspen Power has raised US$200 million in capital to support 'growth initiatives' across the US.

Upcoming Events

Solar Media Events
February 3, 2026
London, UK
Solar Media Events
March 24, 2026
Dallas, Texas
Solar Media Events
April 15, 2026
Milan, Italy
Solar Media Events
June 16, 2026
Napa, USA
Solar Media Events
November 3, 2026
Málaga, Spain