In order to increase Latvia’s energy independence and the availability of green energy, the investment company “Merito Partners” (“Merito”) will invest 50 million euros in the next two years in the creation of 10 new solar power plants (SES) in the regions of Latvia.
It is planned that at least eight SES with a total capacity of 55 MW will be commissioned by the end of this year.
“The investment fund “Merito Sustainable Energy FUND I”, founded by “Merito” for the construction of solar power plants, with a total amount of 20 million euros, has so far attracted investments from dozens of Latvian investors, and the attraction of new investors continues. Considering the potential of solar energy development, interest from investors has exceeded our expectations. This is proof that Latvia’s energy independence and the European green course are not only a national priority, but also an investment with an attractive return, which will help Latvia rise from the last place in the use of solar energy in the European Union,” says Mikus Janvars, ” Merito” partner and co-founder.
By combining the “Merito” fund’s investment with bank co-financing, approximately 50 million euros will be invested in the Latvian economy for the construction of ten power stations. The new SES will produce at least 70,000 MWh of electricity per year, thus supplying green energy to more than 35,000 households throughout Latvia.
The first SES will be connected in Valmiera, Zilupe and Rūjiena, while in the second half of 2023 – in five more Latvian cities.
For the implementation of SES projects, “Merito” together with experienced experts in the field have created the renewable energy development company “Saules Energy”. “Considering how much Latvia currently needs tangible progress in increasing the share of renewable energy, we have focused our efforts on projects that will start producing green and cheaper electricity already this year. Most of our developed SES have already received building permits and ordered equipment, all that remains is to implement the construction in the near future within months,” comments Artūrs Plūme, chairman of the board of “Saules Energy”.
The SES financed by “Merito” are developed with connection to the distribution infrastructure, thus the production of electricity takes place close to its consumers – residents and companies of regional cities. Such a strategy both ensures stable consumption and strengthens the energy security of Latvia’s regions.
“Merito Partners” is a rapidly growing private equity investment company operating in Latvia and the surrounding region. It implements capital and sustainable energy investment strategies on behalf of Latvian investors. “Merito Management AIFP”, 100% owned by “Merito Partners”, is a manager of alternative investment funds registered with the Bank of Latvia.
“Saules Energy” is a developer of renewable energy projects in Latvia’s capital. Its goal is to make investments in environmentally friendly technologies profitable and serve a wide range of society. “Saules Energy” cooperates with leading experts and manufacturers from all over the world to make renewable energy available in regions where it is not widespread enough.
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