Renewable energy company Green Genius, which develops solar, biogas, wind, and green hydrogen energy projects in 8 European countries, has signed a cooperation agreement with Poland's largest private energy company, Polenergia. Together, they will seek to win a tender by the Lithuanian state for a wind farm in the Baltic Sea.
It will be the first offshore wind farm in Lithuania in the Baltic Sea. The investment agreement between "Green Genius" and "Polenergia" (under which a joint venture will be established to develop the Baltic project in Lithuania) is subject to the approval of the relevant competition authority.
"The significance of renewable energy is increasing in days, not in years anymore. To make the tangible change for energy independence in the region, as well as sustainability, we have to act faster and smarter. Therefore, I'm more than excited to go for this partnership, which may offer efficiency and advantage to the whole electricity market in the Baltic Sea region," – Ruslanas
Sklepovičus, CEO of "Green Genius" says.
"We see the need to show the world that strengthening the economies of this part of Europe is a historical necessity. In this way, we want to emphasize the strategic importance of cross-border cooperation and prove that wind energy is no longer an alternative energy, but traditional energy that will build energy independence," – says Michal Michalski, Ph.D., President of the Management Board of Polenergia.
"Polenergia" has solid investment experience in Central Europe. Meanwhile, "Green Genius" is well acquainted with local Lithuanian regulations. The joint forces will create an optimal strategy and competitive technical and business preconditions for an offshore wind farm project.
The first offshore wind power project in Lithuania is expected to start operating in 2030 and will have a capacity of 700 MW. The competition for the implementation of this project is planned for September 2023.
About "Green Genius“
"Green Genius“ is a renewable energy company that develops solar, biogas, wind, and hydrogen energy projects. The company currently operates in 8 European countries and intends to build renewable energy projects reaching a capacity of 1.5 GW by 2025.
The company has over 10 years of experience in energy production from renewable sources. "Green Genius“ projects produce around 399 GWh of green energy each year, which prevents over 335,000 tonnes of CO 2 emissions. It would take over 16 million trees to absorb this amount of CO 2 per year. "Green Genius“ is part of the international Modus Group, which operates in 12 European countries.
Polenergia – a Polish private energy group consisting of vertically integrated companies operating in the area of energy production from renewable and gas sources, as well as distribution, and trading of electric energy. The strategic project implemented by the group is the construction of wind farms in the Baltic Sea with a total capacity of 3000 MW. Gazeta Giełdy i Inwestorów “Parkiet” awarded the “Byk i Niedźwiedź” prize to Polenergia as the best company in the sWIG80 index in 2018. More information: www.polenergia.pl