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Lithuanian renewable energy company Green Genius has announced that it will directly invest more than €100m ($113m) in a wind farm power project in Lithuania.

The announcement comes after the company signed an agreement to acquire the rights to the 85MW project.

Green Genius plans to implement the project without state subsidies and sell the green energy that it generates to Lithuania-based businesses.

All necessary permits for the project have been obtained and design work for the power plant is currently underway.

Green Genius plans to select the manufacturer of the main equipment in the first half of this year.

The wind farm is expected to feature 15 wind turbines, which are due to be installed in several stages by mid-2024.

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By GlobalData

Green Genius CEO Ruslan Sklepovič said: “While we have been operating for more than ten years, these are our first essential steps in the wind energy sector.

“We care about a clean future, so we plan to offer attractive products to our consumers by combining renewable energy sources. We are also happy to be making a significant investment in Lithuania.

“Green Genius aims to help consumers eliminate polluting technologies by offering 100% renewable energy of different sustainable technologies combined.”

Green Genius currently has a 1.5GW project portfolio under development, which consists of solar, biogas and wind assets.

Lithuania aims to meet more than half of its total energy requirements from onshore and offshore wind farms by 2050.

Green Genius Wind and Green Hydrogen business manager Darius Biekša said: “To achieve energy independence and stability of electricity prices, Lithuania must develop renewable energy sources quickly.

“It is extremely satisfying that Green Genius is taking its first steps in wind energy in Lithuania.”

In November last year, Taaleri Energia bought a 186MW portfolio of three wind farms in Lithuania.