Lithuania-based renewable energy firm Green Genius is planning to develop solar power plants with 500MW of capacity in Lithuania by 2025.
At the same time, the company also intends to develop wind farms with 200MW of capacity in the country.
These solar and wind facilities will collectively add 700MW of renewable energy capacity to the country and will require a E750m ($783m) total investment.
Green Genius CEO Ruslan Skelpovic said: "The European Commission has urgently issued a communication to all members of the EU promoting the development of renewable energy as a matter of particular public interest. And we take our role in this process seriously and responsibly.
"Until now, renewable energy has largely addressed the issue of sustainability. However, today it also addresses the challenges of energy independence and socioeconomic well-being."
The projects will be developed in the whole territory of Lithuania and are expected to come online by the end of 2024.
Once operational, the solar and wind facilities will have the capacity to meet around 10% of Lithuania's total electricity demand.
The two projects will have the capacity to offset 556,000t of carbon emissions a year, which is equivalent to the amount of carbon dioxide absorbed by 26.5 million young trees.
In addition to these facilities, Green Genius plans to develop a combined solar-wind power plant model.
Skelpovic added: "This kind of solution would use land more efficiently and ensure the optimal use of electricity networks, thus addressing the country's grid capacity matter.
"In addition, it will allow us to offer our customers mixed solar-wind electricity at a friendlier price."
Earlier this year, Green Genius announced plans to directly invest more than E100m in an 85MW wind farm project in Lithuania.
The company had recently agreed to acquire the rights to the project.