Green Genius, a leading European renewable energy developer, has secured a EUR 20 million financing from Eiffel Investment Group’s funds for the development of solar PV projects in Italy and Spain. The funds will be used to finalize the development of a portfolio of projects, which are at a late-stage development phase, and to finance their pre-construction capex.
Rokas Bancevičius, CFO of Green Genius, stated that this transaction is exceptional as the financing is not granted to a single ready-to-build project but to a diversified portfolio of projects. Bancevičius added that the financing evidences the trust of a financial institution such as Eiffel Investment Group in their robustness and competencies in developing renewable energy projects in different countries.
The need for clean energy in Europe is rapidly growing, particularly considering the EU’s ambitious targets for the implementation of a climate-neutral economic model by 2050. The climate crisis is impacting societies worldwide, which calls for immediate action. Green Genius aims to help Europe transition to a greener future and save the planet.
Pierre-Antoine Machelon, Head of Energy Transition at Eiffel Investment Group, expressed their satisfaction in achieving the closing of this innovative financing for a diversified portfolio of projects in Spain and Italy. Machelon added that the facility provided by Eiffel Investment Group’s energy transition vehicles contributes to the funding of the pre-construction costs of the projects, without binary development risk. They look forward to building a trust-worthy partnership with Green Genius, aimed at accelerating the deployment of their projects.