Citadele Bank Grants €12.99 Million Financing for Solar Park Construction in Latvia
Citadele Bank has provided financing of €12,998,700 for the construction of solar energy parks in Latvia. The project is led by Estonian renewable energy producer SIA “Evecon,” in partnership with Swedish investment fund “Niam Infra.” The initiative will establish 11 solar parks with a total capacity of 110 MW, contributing significantly to the renewable energy sector in Latvia and the broader Baltic region.
The project's first phase, which includes the construction of six solar parks with a capacity of approximately 40 MWp, is already underway and will be operational by March 2025. The swift deployment of these generating capacities is crucial to ensuring energy security, particularly as Latvia disconnects from the BRELL energy system. The second phase, involving five additional parks, is set to begin by the end of 2024.
SIA “Evecon” Chairman Gatis Lazda expressed satisfaction with the collaboration, highlighting the growing demand for energy and the potential for solar and wind energy in Latvia. In addition to the solar projects, efforts are underway to explore energy storage solutions, starting with a 26 MW storage system connected to the solar facilities.
Citadele Bank’s Vaidas Žagūnis emphasized the importance of green energy projects, noting that these investments drive economic growth while supporting environmentally responsible financial practices.
Source: Kursors.lv
