Green Genius has borrowed about $94 million to build the Kukas solar park in Latvia, the largest stand-alone solar park in the country. Two German banks provided the money. One of them lent on ordinary senior terms. The other took a riskier position, and that second slice is what makes this loan look unlike most Baltic solar debt.
Key takeaways
- Green Genius secured a $93.58 million loan from Nord LB and Berenberg Bank for the construction of the 121 MW Kukas solar park in Jekabpils, Latvia, announced on 11 June 2024.
- Nord LB lent $65.63 million (EUR 61 million) and Berenberg Bank provided $27.96 million (EUR 26 million) of mezzanine funding for Green Genius' Kukas solar park.
- The Kukas solar park covers 151 hectares, is the largest stand-alone solar park in Latvia, and is expected to start generating electricity in mid-2025, saving 121,000 tonnes of CO2 a year.
- DLA Piper advised Nord LB on the Green Genius Kukas financing.
- Enerdatics records 12 Baltic solar debt financings announced between January 2023 and June 2025, and Green Genius' $93.58 million Kukas loan is the largest of them, at about $0.77 million per MW.
What did Green Genius borrow, and from whom?
Green Genius borrowed $93.58 million, equivalent to EUR 87 million, to build Kukas. The loan has two parts. Nord LB, the largest bank in northern Germany, provided $65.63 million. Berenberg Bank, another German lender, provided $27.96 million as mezzanine funding.
The proceeds go to construction. Kukas is a 121 MW solar park near Jekabpils in Latvia, covering 151 hectares. Leap records it as the biggest stand-alone solar park in the country. It was expected to start generating in mid-2025 and to save 121,000 tonnes of CO2 a year. The aim is to contribute to decarbonising Latvia's power sector.
DLA Piper advised Nord LB on the transaction.
Kukas is also a step up in scale for Green Genius. Its earlier Baltic debt in Leap's records is much smaller: $45.49 million from RGreen Invest in January 2023 for eight solar projects in Lithuania, and $7.29 million from Citadele Bank in October 2023 for an energy-as-a-service project, also in Lithuania. A single loan of $93.58 million for one Latvian park is roughly double its previous largest financing in Leap's records.
What is mezzanine debt, and why does it matter here?
Mezzanine debt sits between senior debt and equity. If a project runs into trouble, senior lenders are repaid first, and mezzanine lenders are repaid only after them. In exchange for that extra risk, mezzanine lenders usually charge a higher interest rate.
In the Kukas financing, Berenberg's mezzanine slice makes up about 30% of the total. That is a large share. It means Green Genius has replaced part of what would normally be equity with debt. The developer puts less of its own money into the project, and the overall cost of capital depends on how expensive the mezzanine tranche is compared with the equity it replaces.
For a developer building the largest solar park in its market, that trade can make sense. Equity is the most expensive money in a project. Mezzanine debt costs more than senior debt but usually less than equity, and it lets the sponsor keep capital free for other projects in its pipeline.
How does the Kukas loan compare with other Baltic solar loans?
It is the largest Baltic solar loan Enerdatics records over this period, and it carries far more debt per MW than its peers.
Enerdatics' data shows 12 Baltic solar debt financings announced between January 2023 and June 2025, of which 11 carry a disclosed amount. Kukas, at $93.58 million, is the biggest of them. Measured against capacity, the Kukas loan works out at about $0.77 million per MW.
The nearest comparables sit well below that. European Energy raised $72.79 million for the 148 MW Targale solar park in Latvia in March 2025, about $0.49 million per MW, from Nordic Investment Bank, Luminor and Nord LB. Ignitis Group borrowed $86.74 million from Swedbank for the 94 MW Varme and 145 MW Stelpe solar farms in Latvia, about $0.36 million per MW, on a 15-year non-recourse basis. Modus Asset Management raised $21.64 million for a 57 MW Latvian portfolio, about $0.38 million per MW. In Lithuania, Nordic Solar borrowed $26.47 million for the 80 MW Svencionys park, about $0.33 million per MW. In Estonia, Sunly's $67.2 million loan for the 244 MW Risti park, which also includes 1,000 MWh of battery storage, comes to about $0.28 million per MW.
Strip out the mezzanine tranche and Kukas' senior debt alone is about $0.54 million per MW. That is still the highest in the group, but closer to Targale. The mezzanine slice accounts for most of the gap between Kukas and the rest of the Baltic market.
What does the deal signal for Baltic solar?
It signals that Baltic solar has reached the size where developers need more than one kind of lender. Kukas, Targale and Risti are each well over 100 MW, and Ignitis' Varme and Stelpe add up to 239 MW.
The lenders themselves show the change. German banks such as Nord LB appear in both the Kukas and Targale financings. Public lenders, including the Nordic Investment Bank and the European Investment Bank, appear in Targale and Risti, often supported by InvestEU guarantees. Local Nordic and Baltic banks such as Swedbank and Luminor appear across the group. Kukas stands out as the one deal in this set with a dedicated mezzanine tranche.
The comparison also shows why per-MW debt figures need careful reading. A loan that includes mezzanine debt, battery storage or grid works is not directly comparable with a plain senior construction loan. Kukas' $0.77 million per MW reflects how Green Genius chose to fund the project as much as what the project costs.
Finally, it shows the region's pace. In the 12 months after Kukas, Enerdatics recorded four more Baltic solar debt financings for projects of 80 MW or more. Kukas came first.
Frequently asked questions
How much did Green Genius borrow for the Kukas solar park? Green Genius secured $93.58 million (EUR 87 million): $65.63 million from Nord LB and $27.96 million of mezzanine funding from Berenberg Bank.
How big is the Kukas solar park in Latvia? Kukas is a 121 MW solar park covering 151 hectares near Jekabpils, the largest stand-alone solar park in Latvia, expected to start generating in mid-2025.
How does the Kukas loan compare with other Baltic solar financings? At about $0.77 million per MW, it is the largest and most debt-heavy of the 11 priced Baltic solar debt financings Enerdatics records between January 2023 and June 2025.
Ready to get deal-ready answers in seconds? Try Enerdatics Leap AI and access verified intelligence across M&A, financings, PPAs, projects, and energy market developments through natural language.
.jpeg)
