Green Genius, a Lithuania-based clean energy developer, has got approval to build two solar projects, with an overall capacity of 198.8 MW in the Baltic nations of Lithuania and Latvia. The company will build a 78 MW solar plant, which will be situated near Seduva in central-north Lithuania, and a second project in Latvia with a total capacity of 120.8 MW. Reportedly, construction on the two solar plants will begin by the middle of 2024.
Overall, the company will invest €179 million on the two projects which will include €70 million on the Lithuanian project, which will be constructed on more than 140 hectares of land. The second solar park, located in central-south Latvia, near the city of Jekabpils, will be built on 153 hectares of land. It will need an investment of €109 million. Both projects are expected to start operations in 2025 and will produce around 245 gigawatt hours of clean electricity annually, which will be sufficient to meet the power needs of around 82,000 homes. Additionally, the company has planned to supply the green electricity produced from the projects to the B2B sector.
In April 2023, Green Genius and Eiffel Transition Infrastructure formed a joint venture to develop and build a 500 MW solar park portfolio in Italy. Eiffel made an initial investment of up to €15 million through this joint venture to assist the growth of this portfolio, with additional funds set aside for supporting the projects during the construction phase.