Having investedmore than 10 million euros, the investment fund "Merito Sustainable Energy Fund I" (Merito) plans to deploy 24,000 solar panels in Kalkūne.Annually, the solar power plant will produce 13,500 megawatt-hours of electricity, which will be enough to fully supply at least 6,500 househ Contact online >>
Having investedmore than 10 million euros, the investment fund "Merito Sustainable Energy Fund I" (Merito) plans to deploy 24,000 solar panels in Kalkūne.Annually, the solar power plant will produce 13,500 megawatt-hours of electricity, which will be enough to fully supply at least 6,500 households in the Daugavpils area.
"We are located in Kalkūneparish, we will start work here, we will build a solar panel park. Here will be the southern field, across the road on the other side will be the northern field, it will be bigger. In total, we will produce nearly14,000 megawatt hours of electricity here and place 24,000 solar panels. It will be the largest park in Latvia," said Jānis Bērziņš, the construction manager of the solar power plant Kalkūnes SES.
Photo: Silvija Smagare/Latvijas Radio
"We will try to finish it by the end of the year. Work has already begun on the assembly of the panel structure to prepare for the laying of the panels," Bērziņš said.
Kalkūneparish has only around 2,000 inhabitants, butborders the city of Daugavpils, a large energy consumer.
"This is one of the most important criteria - we choose to build solar power plants as close as possible to consumption. The electricity produced by one of the Daugava hydroelectric plants must travel through long cables to reach Daugavpils or the Upper Daugava region. But this power plant will be very close, and practically everythingproduced at the station will automatically reach Daugavpils consumers and companies immediately," Plūme said.
Residents of the neighborhood can''t immediately be promised cheaper electricity bills, as the national grid is involved, but a greater supply of environmentally-friendly energy should ultimately benefit all consumers.
Kalkūnes SES is located in Kalkūne parish, Augšdaugava municipality, 10 kilometers from the center of Daugavpils. With an installed capacity of 13.3 megawatts, it will produce at least 13,500 megawatt hours of renewable energy annually in the future. The new power plant has been developed with a connection to the distribution infrastructure so that residents and businesses consume the electricity generated.
Almost EUR 10 million of Latvian capital, including EUR 4.7 million co-financed by Swedbank, has been invested in the development of Kalkūne SES. The owner of the new solar power plant is Merito Sustainable Energy Fund I, a local investment fund. Last year, with the renewable energy project developer Saules Energy, it built four new solar power plants (SPPs) in Zilupe, Brenguļi, Inčukalns, and Carnikava with a total capacity of 25 MW. Three more projects in Koknese, Cēsis, and Valmiera will be completed by autumn 2024.
"The eight new plants will generate a total of at least 70,000 MWh of electricity per year, supplying more than 35,000 households across Latvia with green energy," said Mikus Janvars, co-founder and managing partner of Merito Partners.
The general contractor of the project "Kalkūne SES" is the Latvian company "KL Systems" with many years of experience in constructing industrial solar parks in Europe and other parts of the world.
The investment fund noted that the development and operation of the solar power plant has paid great attention to preserving and protecting the biodiversity of the environment. The site includes a natural meadow with specially designed insect and animal habitats and will eventually be used by local farmers'' bee colonies and sheep flocks.
Saules Energy is a Latvian developer of renewable energy projects. The company aims to make investments in environmentally friendly technologies profitable and serve a wide range of society. Merito Sustainable Energy Fund I is managed by Merito Partners, a private equity investment firm operating in Latvia and the surrounding region.
AJ Power group, BaltCap Infrastructure Fund 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 plantportfolio to 100 MW.
Matīss Paegle, Investment Director at BaltCap says: "In this project, we are joining forces with AJ Power – the largest private PV developer in Latvia. This investment will contribute to both Latvia''s energy independence and the achievement of sustainability goals. Green energy is our future, which means not only environmentally sustainable operations, but it also has a real economic basis."
Didzis Bērziņš, Member of the Council at AJP Capital adds: "We are thrilled to announce a joint venture among Solar Core Plus fund, BaltCap infrastructure fund and AJ Power in developing industrial scale photovoltaic electricity generation parks throughout Latvia and beyond. Today the initiative is especially important in the context of EU member state efforts to reduce energy dependency and in the context of the world''s efforts to counter looming negative effects of the climate change. The joint initiative will bring together extensive experience in renewable energy project development, large scale infrastructure project financing experience and determination for success."
AJ Power, the largest Latvian private energy group, was established in 2014. AJ Power offers integrated energy services: sales of electricity and natural gas, implementation of energy efficiency and solar panel projects, as well as a system for managing the Natural resources tax. With its energy and waste management solutions, AJ Power gives businesses an opportunity to join circular economy. In 2020, the turnover of AJ Power group was EUR 70 million.
BaltCap is the largest and most experienced private equity investor in the Baltic states. BaltCap focuses on building businesses that increase the quality of life in our societies. BaltCap Infrastructure Fund targets investments contributing to mitigating climate risks. BaltCap has a strong presence in all three Baltic countries with local offices and experienced investment teams in Tallinn, Riga, Vilnius, Warsaw, Helsinki and Stockholm.
AJP Capital is an alternative investment fund manager established in 2021 and registered with the Financial and Capital Market Commission of Latvia. AJP Capital involves investors into the circular economy by providing a versatile offer of investment opportunities. The investment funds managed by AJP Capital invest in circular economy projects of varying risk and scale. These investment projects include energy generation from renewable sources, infrastructure development and adjustment to the circular economy, energy efficiency, and transport.
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