GREEN GENIUS is set to invest €35 million to upgrade its biogas plant portfolio in Lithuania to biomethane production.
The biogas to biomethane project will be partly financed by Swedbank Lithuania, with additional support from Lithuania’s Ministry of Environment totalling €8.5 million.
“This transformation, adapting biogas plants to biomethane production, is a giant leap towards Lithuania’s commitment to sustainable and renewable energy sources,” remarked Ruslanas Sklepowicz, CEO of Green Genius.
“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.”
The portfolio of Green Genius’ biogas power plants in Lithuania includes 11 facilities, nine of which are capable of producing biomethane. Seven of these will be upgraded to include biomethane production capabilities. Additionally, a new biogas plant is slated for construction with the specific purpose of biomethane production. The modernisation efforts will also involve the installation of two biomethane injection points.
“This is the largest biogas plant conversion project in the Baltics and will significantly contribute to the country’s emission reduction targets,” commented Ignas Mačeika, Member of the Board of Swedbank Lithuania and Head of Corporate Clients.
“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.”
Maceika added that this latest financing complements the bank’s portfolio of green business loans, which currently amounts to more than €579 million.
Green Genius aim to fully complete the biogas-biomethane project in 2026.
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Director of Projects
5moNice work. Looking forward to seeing more of these.