Austrian bank helps Green Genius refinance Lithuanian biogas plants

Austrian bank Kommunalkredit is refinancing Green Genius's biogas plants in Lithuania.

Together with its debt fund, Fidelio, the bank provided a €23 million senior team loan to refinance the existing debt of the 11 Green Genius biogas plants in Lithuania.

Green Genius’ biogas plants have a total capacity of 10.8 MW. The portfolio includes one of the fist biodegradable waste recycling lines in the Baltic States, which was installed at the power plant near Vievis last year. An estimated 120,000 tons of CO2 are saved annually by the 11 facilities.

The Austrian Bank, which has extensive experience in financing green energy projects across Europe (including biogas plants), refinanced the loans originally issued by local banks for the development of the biogas portfolio. The transaction is the first of its kind in the Lithuanian energy sector for Kommunalkredit.

“Our new partner diversified the overall Green Genius funding basis and we are proud of attracting Kommunalkredit to the Lithuanian energy market,” said Rokas Bancevicius, chief financial officer at Green Genius.

“Kommunalkredit has renewable energy project expertise and actively supports the development of the renewable energy sector and its experience in the biogas sector has helped to conclude this transaction.”

Kommunalkredit’s head of banking, John Philip Weiland, said: “We see investments in sustainable infrastructure and energy security as essential for society, which is why we are supporting Green Genius in its efforts to generate green energy through the management of its Lithuanian biogas portfolio and the up-cycling of agricultural waste.

“It’s important to us to continue to support sponsors that strive to have a positive impact on the environment, notably through the reduction of CO2 emissions and increased cooperation with local stakeholders.

“Furthermore, this transaction represented a great opportunity for the bank and Fidelio to enter the Lithuanian energy market with Green Genius as an experienced partner.”

221 queries in 0.575 seconds.