Rietumu Banka allocates 4 million euros for the largest solar power parks in Latvia

Rietumu Banka has allocated financing of 4 million to SIA "SP Auce" and SIA "Mežgalis" – Latvian subsidiaries of the company "Volterra Energy Group" for the refinancing of the two currently largest solar power parks in Latvia, which are already successfully operating in Auce and Valdemārpils.

The two solar parks have more than 14,000 solar panels installed with a total capacity of 9,279 MW, enabling the production of more than 9,500 MWh of green electricity per year. The total cost of implementing both power plants was more than 8 million euros. With the bank's loan, the company will release a part of the initially invested capital for the development of other solar park projects in Latvia. Financing is granted for 5 years and is guaranteed by the revenue from electricity supply contracts.

"Supporting environmentally friendly, sustainable, well-considered and financially successful business development projects is one of our priorities. "Volterra Energy Group" is among the largest green energy producers in Latvia focusing on solar, wind, small hydropower, energy storages and waste-to-energy technologies with the ever-increasing importance. Funding for even more parks of the company is currently being negotiated. We believe that such projects must be developed rapidly and will make a positive contribution to both environmental protection and Latvia's energy independence," says Jeļena Buraja, Chairman of the Board at Rietumu Banka.

Solar power production generates no carbon emissions and is the fastest power generation to build, which allows for a rapid increase in the total share of renewable energy in the country. The solar panel park will be completed within 8-12 months after all permits are received. "Volterra Energy Group" plans to develop solar power parks in Latvia with a total planned capacity approx. 40 MW.

"An efficient development of solar parks is resource-intensive, which is why we very much appreciate Rietumu Banka's support in financing major projects. Solar parks in Latvia are just starting to become widespread and there is still a lot of caution among partners. At the same time, it is important right now, both in Latvia and in Europe as a whole, to confidently strengthen the energy sector by introducing environmentally friendly technologies. As we started our cooperation, we appreciated that the Bank's team understood not only the potential of our projects, but also the overall situation in the sector," says Anastasiia Poppel, Member of the Board of Latvian companies.

The solar parks were constructed by the company "KNESS Baltic" – part of an international group of companies founded in Ukraine that develop technologies and implement renewable and traditional energy projects. The maintenance and management of the solar park will also be provided by "KNESS Baltic".