Once approved by the competition authorities in the relevant countries, the EBRD will become a minority shareholder in the company.

The proceeds will support the firm's European growth strategy, which includes the development of more than 2 GW of renewable energy. This will not only help promote the region's green energy transition but will also contribute to the diversification of its energy supply, boosting energy security in Europe.

The investment builds on the Bank's decade-long support for Green Genius and its ambitions for green energy transition. In the Baltic states, it is the largest equity commitment by the EBRD to a single company and marks the first external equity investment in Green Genius.

Green Genius is one of the fastest-growing, privately owned developers of renewable energy in Lithuania. In recent years, the company has significantly expanded its renewables portfolio, with a pipeline not only in Lithuania but also in other European Union (EU) markets such as Italy, Latvia, Poland, Romania and Spain.

The Bank will also support the firm in improving its environmental, social and governance (ESG) standards, while helping to enhance its supply chain management. In turn, Green Genius will aim to promote gender diversity in the Lithuanian energy sector.

Grzegorz Zielinski, EBRD Head of Energy Europe, said: “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 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.”

Tomas Kairys, EBRD Head of the Baltic states, commented: “This is a landmark transaction for the EBRD in the Baltic states, exemplifying the Bank`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 that the EBRD prioritises, offering a strong governance framework and ambitious ESG standards that could serve as a role model for existing and future clients.”

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

Green Genius, a subsidiary of the Modus Group, is a leading developer of renewable energy and headquartered in Vilnius, Lithuania. The company's portfolio covers solar, wind, biomethane and batteries. To date, it has developed 2.7 GW of renewable energy projects across multiple European markets and has completed 549 MW worth of projects.

The EBRD is a climate finance leader in its regions. Last year the Bank delivered a record €6.5 billion of green economy finance, with more than €1.8 billion invested in the green economy of Central Europe and the Baltic states. The Bank also engages in policy dialogue across its countries to further unlock private and public green financing.