Lithuanian renewables developer Green Genius has secured $23.2 million in financing from French asset management firm Eiffel Investment Group to finalise the development of solar PV projects in Italy and Spain. The funds were provided by the French group’s energy transition vehicles and will be used to cover the project’s pre-construction costs.

“This transaction is exceptional as the financing is not granted to a single ready-to-build project but to a portfolio of projects finishing their development in order to finance their pre-construction capex, while benefiting from the diversification of the portfolio,” says Rokas Bancevičius, CFO of Green Genius.

Green Genius is a renewable energy company developing solar, biogas, wind and hydrogen projects. The company is currently working on renewable energy projects in Lithuania, Poland, Spain, Italy, and Romania. Green Genius expects the overall capacity of its implemented renewable energy projects to reach 1.5 GW in 2025. It is a part of the international group of companies Modus Group, present in 12 European markets.

Eiffel Investment Group is an asset management firm specializing in corporate finance and offers a wide range of
private and listed debt and equity financing solutions. The group has established an institutional infrastructure. Eiffel Investment
Group is an independent company owned by its team alongside Impala.

REGlobal’s Views: More renewable energy developers are now expanding their operations abroad and diversifying their energy mix for synergies and greater market shares. Thus, various new financing avenues and modes are emerging for developers in order to raise capital for their projects.