V. Zeps: Investment in the Spilve solar park is the biggest deal so far in the port of Riga

On November 22, the auction organized by the Freeport of Riga Authority for the right to rent the territory for the development of the solar energy park in Spilve meadows ended with a successful result. Three international companies participated in the open auction, and in a fierce competition, after 92 bids, the company UAB „Saulės grąža“ was recognized as its winner. After signing the agreement with the Freeport of Riga, the auction winner will have to develop the solar park and distribution infrastructure within the next 5 years. According to the estimates of the Freeport of Riga Authority, the total investment into the park will exceed EUR 90 million.

Viesturs Zeps, Chairman of the Freeport of Riga Board: “The result of the auction is a vivid confirmation of the interest of local and international investors in the Port of Riga, the city of Riga and generation of green energy close to industrial centers. At the same time it is confirmation of the demand for promising territories for industrial development, which currently prevails in the international business environment. Unlike our competitors in the region, we have this real estate capital, and it is a wonderful opportunity and advantage for the future of the Port of Riga. By using it strategically, we expect to transform the development of the entire port, including not only development of the largest solar panel park in Latvia and the green hydrogen energy technology center, but also creation of the industrial center of the entire region. Moreover – we believe that creation of a park of this size will also reduce electricity prices for Riga residents in the future.”

According to the auction Regulations, the rent fee shall consist of two components - the annual rent component, expressed in euros, and the electricity component to be transferred to the Freeport of Riga Authority, expressed as a percentage of the total amount of electricity produced in the solar park.

“We are pleased that there was such fierce competition between the bidders during the auction, which exceeded our expectations, as a result we will get both a favorable (territory) rent fee and green energy for the port and port stevedores, thus promoting the competitiveness of both existing port entrepreneurs and new investors. Moreover, it will promote the inflow of multi-million investments in Riga, the production of renewable electricity and the progress towards achieving the goals of the Green Deal and energy independence”, emphasized V. Zeps.

As reported, the largest solar panel park in Latvia with a nominal capacity of at least 100MW and planned electricity production of at least 100,000MWh per year is to be created in the territory of the port of Riga for generation of the solar energy. Companies that have already implemented large-scale solar park projects could apply for the lease right auction. There was a lot of interest in participating in the auction, but only three companies were shortlisted. These finalists met the specified criteria regarding the company's experience, good reputation, the availability of financial resources for the development of the solar park, as well as the compliance of the solar park business plans developed by the companies with the requirements of the Freeport of Riga Authority.

The results of the auction will be considered at the next meeting of the Freeport of Riga Board, where it will be decided to conclude a land lease agreement with the company UAB „Saulės grąža“.

The winner of the auction is the Lithuanian company UAB „Saulės grąža“, one of the largest developers of solar energy parks in Lithuania, which has been operating in the production of solar energy and development of solar parks for more than 10 years. The company has developed large-scale parks in various regions of the world in cooperation with their investors and partners.

Source: rop.lv. Photo: Shutterstock.