Green Genius and Respect Energy sign a 10-year power purchase agreement that will avoid 180,000 tons of CO2 emissions.
Power Purchase Agreements
Green Genius and Respect Energy, by signing a renewable electricity purchase agreement, are part of the decarbonization of the European Union. These contracts allow companies to protect themselves against unexpected variations in the price of electricity. The agreement between the two partners will come into effect in early 2024.
The energy will come from photovoltaic plants with a total installed capacity of 21MW. They are currently under construction in Poland as part of the energy leader’s 4th project portfolio. Povilas-Emilis Čėsna, Head of Trading at Green Genius, says:
“The PPA agreement with Respect Energy represents an important part of our portfolio in the Polish market, so we very much appreciate this partnership. I am convinced that the development of renewable energy sources is the only way to secure energy supply and independence for European countries.”
Environmental, social and governance (ESG) issues are becoming a priority for companies. Incorporating them is a way to help investors evaluate companies. In addition, they are also used to make socially responsible decisions that respect their values.
A European presence
Green Genius is a Lithuanian company in the field of renewable energy. It develops and exploits solar, wind, hydrogen and biomass energy. The group has 1.5GW of projects producing 400GWh in 2020, saving 335 tons of C02.
The Lithuanian company is present in about ten European countries. It has about fifteen projects finalized or in progress. Lithuania, Poland and Italy are the main countries selected to develop the company’s projects.
In 2021, Green Genius will begin construction of the first biogas power plant in Poland. In addition, it is launching solar parks in the Baltic States. Moreover, these projects are currently the largest in the region.
