Citadele allocates almost 13 million euros for the construction of solar parks in Latvia

Citadele Bank has granted financing in the amount of 12 euros for the construction of solar energy parks in Latvia. The project is implemented by the Estonian renewable energy producer SIA "Evecon" together with the Swedish investment fund "Niam Infra". Within the project, it is planned to create 998 solar parks with a total capacity of 700 MW, making a significant contribution to the field of renewable energy in Latvia and the Baltic region. 

In the first phase of the project, six new solar energy parks with an estimated capacity of 40 MWp are already under construction and will be commissioned in March 2025. Rapid deployment of generating capacity is critical to the safety of the power system when decoupled from BRELL. It is planned that the second phase of the project - the construction of five additional parks - will be started by the end of 2024.   

We are pleased with the opportunity to develop renewable energy in the Baltic region together with partners who have already proven themselves with successful investments in infrastructure. The demand for energy is growing, and we see that the energy produced in solar parks has an impact on the overall price of electricity, so we also see great potential for the development of the solar and wind energy industry in Latvia. 

Gatis Lazda, chairman of the board of SIA "Evecon".

In addition to solar projects, energy storage options will be actively pursued, with an initial focus on a 26 MW storage system connected to solar facilities. Various offtake strategies, including power purchase agreements, will also be explored to maximize the value of the energy produced.

Green energy is a priority on a European scale, and it is a pleasure that companies are actively implementing these projects, moving the Baltic region closer to a sustainable and energy-independent future. By investing in sustainable projects, we not only contribute to economic growth, but also demonstrate our commitment to responsible, environmentally friendly financial practices that will benefit future generations, both economically and environmentally. In addition, investments in the introduction of alternative energy sources are also supported by the European Investment Bank's guarantee program for entrepreneurs, enabling co-financing with a reduced interest rate.

Vaidas Žagūnis, head of corporate client management in the Baltics of Citadele bank, member of the board

Since 2020, SIA "Evecon" has put into operation solar parks with a capacity of more than 40 MW, and more than 1 MW of solar energy parks have also been developed in Estonia, which will be put into operation in 100. Some solar parks incorporate storage systems to provide solar energy when the sun is not shining.