BaltCap invests in solar energy generation in Latvia

BaltCap Infrastructure Fund, AJ Power group, and AJP Capital’s Solar Core Plus Fund have signed an agreement to establish a joint venture to develop solar energy generation in Latvia. 

30 MW solar farms will be built over the next 3 years. The plan also foresees expansion across the Baltics and increasing the capacity of the solar plant portfolio to 100 MW.

“Solar energy has become one of the most attractive investments in the market in Latvia. Due to several circumstances, now is the best time for the implementation of such large-scale solar parks. First of all, it is the European Green Deal. Second – the rapid increase in energy prices. Third – the need to reduce Latvia’s dependence on energy supplied from third countries. The recent situation has only reaffirmed the need for such projects to diversify production capacity and stabilize electricity costs in the long term, preventing uncontrolled increases in electricity prices. This is also confirmed by the fact that in recent years we have already implemented many significant solar panel projects in Latvia, which serve as excellent examples of the great potential of solar energy,” says Roberts Samtiņš, the CEO of AJ Power group.

Source: labsoflatvia.com