Rietumu Banka provided a loan of 4.9 million euros to SIA CE Solar Gulbene, controlled by Clean Energy Infrastructure Fund, a closed-end investment fund for informed investors managed by Envolve Capital. Financing is intended for the construction of the “Lejas Dibeniņi” solar power plant. The power plant will be located in Beļava parish, Gulbene municipality, and its total generation capacity will be 15.1 megawatts (MW).
To enhance energy
generation efficiency, the new solar plant will
incorporate innovative solutions, including the installation of advanced
bifacial solar panels on
single-axis tracker mounting structures, which
allow for increased sunlight capture. The solar park is expected to produce more
than 17 gigawatt-hours (GWh) of electricity annually.
“Supporting
renewable energy projects is a strategic priority for our bank. In recent
years, we have provided funding for the construction of several large solar
parks, and a new power plant in Gulbene is another evidence of green energy
active development in Latvia. This is a promising business area offering
impressive growth opportunities and export potential. Moreover, such projects
boost the economic development of our country and its regions. It is a great
pleasure for us to support those, thus furthering the application of modern and
sustainable solutions,” said Artūrs Jukšs, Member of the Board and Head of
the Lending Department of Rietumu Banka.
“Latvia, and the
Baltics region in general, offer substantial opportunities in the field of
renewable energy, and their maximum advantage is yet to be taken. Therefore, we
see a significant growth potential for the region, and this project is a part
of a broader strategy aimed at increasing the share of renewable energy in the
overall power supply in the Baltics. We truly appreciate the cooperation with
Rietumu Banka, as it combined both the provision of necessary funding and the understanding
of our long-term approach,” said Povilas Peciulis, CEO of Envolve Capital.
Currently, the
construction of “Lejas Dibeniņi” solar park is underway, and the power
plant is supposed to be commissioned by the end of 2025.
The project
implementation is carried out within the operations of Clean Energy
Infrastructure Fund managed by Envolve Capital. Clean Energy Infrastructure
Fund is a closed-end investment fund for
informed investors focusing on long-term investments in renewable energy infrastructure in
the region.
About Envolve Capital
Rietumu Banka has granted a loan of 3.2 million euros to SIA Lielezeres 18, a part of Astor Group. The financing is intended for construction of new Rimi store in Dzirciems, at 18 Lielezeres Street in Riga. The construction of this modern energy-efficient building has already started, and it is planned to be completed this summer.