Cannot reproduce. I installed Geany 1.38 to `Z:\somefolder\Geany` and it worked flawlessly.
Your folder looks strange though, the semicolon in the path might be the problem. The semicolon is used as a path seperator on Windows, i.e. you basically specify two paths at once.
![geany_windows_custom_location](https://user-images.githubusercontent.com/617017/150675376-7ecd4318-f031-4c6...)