Green Genius, a renewable energy company that is part of Lithuania-headed Modus Group, has announced that it has signed a EUR 30 million loan with the Eiffel Energy Transition Fund. The company plans to use these funds to develop and build green energy projects across Europe.
Please reload the page
Do you want to read the whole article?
- Six editions per year
- Full access to all digital content
- The E-magazine Bioenergy international
- And more ...
This transaction is exceptional as the loan was granted not at a single project level but, on a revolving basis, at the level of the European platform owning the portfolio of renewable projects of the group. This evidences the trust of a financial institution such as Eiffel Investment Group in our robustness and our expertise in the development and construction of renewable energy projects, said Ruslanas Sklepovičius, a member of the board of Modus Group responsible for the renewable energy field and the CEO of Green Genius.
According to Sklepovičius, the need for clean energy in Europe will continue to grow rapidly, particularly considering the EU’s ambitious targets for the implementation of a climate-neutral economic model by 2050. Given the increasing demand for clean energy and the knowledge accumulated in this area, Green Genius has set the goal of ranking among the top 25 renewable energy project developers in Europe over the next five years.
We are very pleased to build on the partnership previously initiated with Modus Group, which will accelerate its growth across a diversified set of European countries and technologies. The innovative revolving facility provided by Eiffel Energy Transition enables our partner to immediately secure the funding necessary for the construction of its assets and to reuse the asset refinancing proceeds for the further development of its portfolio while providing us with a well-diversified and secured pool of collateral, said Pierre-Antoine Machelon, Manager of the Eiffel Energy Transition fund.
In 2019, the company’s investments in renewable energy activities more than doubled compared to 2018, reaching a total of EUR 115 million. The company plans to continue growing investments in this area.
After considering all available offers, we have decided on a partnership with Eiffel Energy Transition for several reasons. It was important for Green Genius to borrow at optimal conditions, to use the proceeds for projects across European markets, and to have a partner who knows the industry very well and can make fast decisions. We have achieved all these goals in the process. While further diversifying funding sources and reducing capital cost, we will continue to combine different financial instruments, including both own funds, long-term project loans or alternative sources such as bridge financingsaid Rokas Bancevičius, Chief Financial Officer at Green Genius.
The private placement transaction was advised by Capcora, a Germany-based financial consultancy firm, which acted as a financial adviser to Green Genius.