Luminor Lithuania to grant 12m EUR green guarantees to Green Genius
The renewable energy company "Green Genius" and the "Luminor" bank in Lithuania agreed on enlarging the limit of green guarantees to 12m EUR. It is already the third agreement between the two partners on green guarantees.
"The green guarantees provided by the bank to the green energy developer create opportunities for faster and more stable development of green energy projects. These projects will increase the generation of green and independent energy and the region's energy security. We highly value this reliable partnership with Luminor and the mutually created value-based cooperation," says Rokas Bancevicius, CFO of Green Genius.
Green guarantees differ from other guarantees as their purpose is clearly defined - they are used only for green projects. Guarantees usually become an essential incentive for green projects in their early stages.
"Three main goals of Luminor Bank are promoting sustainable economic growth, mitigating climate change, and building strong institutions. By financing the development of green energy, we contribute to promoting a sustainable economy. This is the ambition of Luminor Bank today, and it's great that we can do it in cooperation with our long-standing partners," says Andrius Načajus, head of Luminor Lithuania.
The first green guarantee agreement between "Green Genius" and Luminor Lithuania was signed a year and a half ago, i.e., in the spring of 2021.