Vilnius-based Green Genius, a renewable energy developer owned by Modus Group, is set to receive up to €100M in equity investment from the European Bank for Reconstruction and Development (EBRD).

The deal, pending approval from competition authorities, will make the EBRD a minority shareholder in Green Genius, supporting Europe’s clean energy transition and bolstering regional energy independence and security.

Grzegorz Zielinski, the EBRD’s Head of Energy Europe, says, “Promoting renewable energy is central to EBRD objectives, and enhancing energy security remains a key priority for the Baltic States.”

“There is no better way to achieve these goals than by partnering with an existing client from our countries of operations, with whom we have successfully delivered numerous projects over the past decade. We are very pleased to have the opportunity to become a shareholder in Green Genius and are eager to support their green ambitions and expansion plans across Europe.”

Capital utilisation

Green Genius looks to expand its plans across various European countries through 2029, aiming to develop over 2 gigawatts of renewable energy. 

The firm will use the funds to develop and acquire renewable energy projects in the Baltics, Poland, Romania, and other European markets.

Ruslan Sklepovič, CEO of Green Genius, says, “We are delighted to form a partnership with EBRD. This partnership reflects Green Genius’ long-term strategy to further built development portfolio and transition into an independent power producer. This institutional partner will enable us to invest more actively in new renewable energy projects.”

Rokas Bancevičius, CFO of Green Genius, adds, “Partnering with the EBRD not only supports the company’s climate action initiatives but also strengthens Green Genius’ governance, ESG and supply chain management policies.”

How will EBRD support Green Genius?

Established in 1991, the EBRD is a multilateral bank promoting market economies and private sector growth. It has invested over €200B in over 7,000+ projects.

Owned by 73 countries, the EU, and the EIB, EBRD’s investments focus on making economies more competitive, inclusive, well-governed, green, resilient, and integrated.

This investment in Green Genius is the EBRD’s largest single-equity commitment to a company in the Baltic States.

Tomas Kairys, the EBRD’s Head of the Baltic States, says, “This is a landmark transaction for the EBRD in the Baltic States, exemplifying EBRD`s commitment to long-term partnerships and continued support for the region.”

“With Green Genius transitioning from a developer to an independent power producer, this investment will accelerate their expansion into EU markets, including the Baltic States, Poland, and Romania.”

“This project embodies the values the Bank prioritises, offering a strong governance framework and ambitious ESG standards that could serve as a role model for both existing and future clients. Partnering again with Green Genius demonstrates our dedication to fostering successful, enduring relationships in the Baltic region,” adds Kairys.

Brief about Green Genius

Green Genius is a renewable energy company developing 2 GW of biogas, biomethane, wind, and solar projects across eight countries. With over 15 years of experience, its projects generate 320 GWh of green energy annually, preventing 212,000 tons of CO2 emissions. 

Its InnoSolveGreen project offers a zero-investment, energy-as-a-service model for industrial customers, ensuring 100 per cent renewable energy coverage. It also includes a PV-plus-storage system, integrating 30 per cent more renewable energy into existing grids.

Prior to the company’s latest funding, in October 2023, Green Genius secured €6.9M from Citadele Bank.