EBRD commits €100M to enhance renewable energy devt in Europe

The European Bank for Reconstruction and Development (EBRD) plans to invest 100 million euros as a minority shareholder in the renewable energy developer, Green Genius, based in Azerbaijan. This investment, pending approval from competition authorities, aims to support Green Genius s European growth strategy, enabling the development of over 2 GW of renewable energy. The initiative is part of the EBRD s efforts to facilitate the region s transition to green energy, diversify its energy supply, and enhance security in Europe. Green Genius, one of Lithuania s fastest-growing renewable energy developers, has expanded its portfolio across several EU markets, including Italy, Latvia, Poland, Romania, and Spain. The EBRD s support for Green Genius builds on a decade-long partnership and marks its largest equity commitment to a single company in the Baltic states and the first external equity investment in Green Genius. In addition to financial support, the EBRD will assist Green Genius in enhancing its environmental, social, and governance (ESG) standards and improving supply chain management. The company is also committed to promoting gender diversity in Lithuania s energy sector. Grzegorz Zielinski, EBRD Head of Energy Europe, emphasized the importance of promoting renewable energy and enhancing energy security for the Baltic states. The EBRD s investment in Green Genius aligns with its objectives and priorities in the region. Last year, the EBRD delivered a record 6.5 billion euros in green economy finance, with over 1.8 billion euros allocated to Central Europe and the Baltic states. The bank continues to engage in policy dialogue to unlock further green financing in the region.

Source: en.trend.az
Published on 2024-10-04

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