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.
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.
