Merito Partners to invest 50 million euro in solar power plants in Latvia

In the next two years, the investment company Merito Partners (Merito) will invest 50 million euro and build ten new solar power plants (SPPs) in Latvia’s regions. It is planned that at least eight SPPs with a total capacity of 55 MW will be operational by the end of this year.

Merito established the Merito Sustainable Energy FUND I with a total target size of 20 million euro to develop solar power plants in Latvia, wrote Labs of Latvia. So far, the fund has already attracted investments from dozens of local investors, and the fundraising is still ongoing, the company claims.

“Investor interest has exceeded our expectations because of significant development potential of solar energy in Latvia. This is proof that Latvia’s energy independence and the European Green Deal are not only a national priority, but also that investors see an attractive investment opportunity that will help Latvia to rise from the last place in the use of solar energy in the European Union,” Mikus Janvars, Merito partner and co-founder shares.

By combining Merito investment with bank co-financing, approximately 50 million euro will be invested in Latvia’s economy in developing ten power plants. The new SPPs 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 SPPs will be constructed in Valmiera, Zilupe and Rūjiena, with five more plants developed in the second half of 2023.

Merito has teamed up with experienced sector entrepreneurs to establish the renewable energy development company Saules Energy that will be responsible for SPP projects.

“We work with the confidence that investments in renewable energy should serve the general public while providing return to fund investors. Most of our developed SPPs have already received building permits and we have ordered the necessary equipment. All that remains is to carry out the construction work over the next few months,” shares Artūrs Plūme, Saules Energy chairman of the board.

The SPPs financed by Merito are developed with a connection to the existing distribution infrastructure, thus the electricity be produced close to its consumers – residents and companies across the regions of Latvia. Such a strategy ensures both stable consumption and strengthens regional energy security.

Source: Press release (LETA). Photo: public domain via Flickr.