Green Genius, a renewable energy company operating in eight European markets, is upgrading its biogas plant portfolio in Lithuania to biomethane production. It is the largest biogas portfolio in the Baltics, and Green Genius will invest €35 million to modernize it. Swedbank Lithuania partly finances the project, and the Ministry of the Environment of the Republic of Lithuania also provides financial support.
“This transformation, adapting biogas plants to biomethane production, is a giant leap towards Lithuania’s commitment to sustainable and renewable energy sources. Local biomethane production is critical for Lithuania to meet the country’s decarbonisation targets. In addition, the biomethane production infrastructure will strengthen Lithuania’s role in the region and create a solid foundation for a long-term and efficient greening of the transport sector,” said Ruslanas Sklepovicius, CEO of Green Genius.
The Green Genius biogas power plant portfolio in Lithuania consists of 11 plants, nine of which are suitable for biomethane production. Seven of them will be equipped with biomethane production facilities. In addition, another new biogas plant will be built to produce biomethane. The modernization of this portfolio also includes the installation of two biomethane injection points. The total investment amounts to €35 million. Green Genius is borrowing part of this from Swedbank Lithuania. The Environmental Project Management Agency of the Ministry of Environment of Lithuania provided an additional EUR 8.5 million.
“This is the largest biogas plant conversion project in the Baltics and will significantly contribute to the country’s emission reduction targets. The fuel produced from these plants will become a greener alternative to imported gas and provide greater potential for the country’s energy sector. We are pleased to have reached another successful financing agreement with Green Genius, which enables us to achieve the country’s important goal of a climate-neutral economy,” said Ignas Maceika, Member of the Board of Swedbank Lithuania and Head of Corporate Clients.
Mr Maceika noted that this financing complements the bank’s portfolio of green business loans, which currently amounts to more than EUR 579 million. The green transformation of the energy sector requires significant financial resources, and Swedbank remains one of the Lithuania’s leading financiers of renewable energy projects.
This strategic investment into biomethane marks a new stage in Lithuania’s decarbonization process, the importance of which is defined by the twofold benefits it generates. Firstly, the biogas plants reduce the amount of waste emitted into the environment, which causes greenhouse gases. Secondly, biomethane plants will reduce the need for fossil fuels by replacing them with green gases.
Green Genius will start transforming its biogas-biomethane portfolio as early as 2024. The construction of the biomethane facilities, the new power plant, and the installation of two biomethane injection points is scheduled to be fully completed in 2026.
This is second Swedbank’s Lithuania financing deal with Green Genius. Last summer, the bank provided EUR 92 million in financing for developing an 80 MW wind farm in the Jurbarkas district, which is expected to generate electricity in 2025. The green electricity produced in this park will be supplied to the Lithuania’s companies and reduce carbon dioxide emissions by more than 130,000 tonnes annually.
As part of Swedbank’s ambition to become a climate-neutral bank by 2050, Swedbank actively finances renewable energy projects and other corporate innovations focused on sustainable change.
