Luminor Bank has granted financing of EUR 3.64 million to local energy companies SIA Saules parks Vītoliņi, SIA M TEAM and SIA AZE2 to support the development of three medium-scale battery energy storage systems (BESS) in the Kurzeme region of Latvia. The new systems will be integrated into existing solar parks in the municipalities of Tukums and Kuldīga, significantly increasing their efficiency, strengthening grid stability and facilitating the integration of renewable energy capacity into Latvia’s energy system.
To date, the development of all stations has been financed through the owners’ own capital. The new funding will enable the existing infrastructure to be complemented with modern energy storage facilities that store electricity when production exceeds demand and feed it into the grid during peak hours. The project developers are experienced local investors who have previously implemented biogas and real estate projects.
“The renewable energy sector in Latvia is developing rapidly, and the ability to adapt to market fluctuations is becoming increasingly important. In today’s energy market, the primary need is no longer just adding capacity, but the ability to manage it wisely. The integration of battery energy storage systems significantly strengthens project resilience and makes revenue streams more predictable. Such solutions represent an important step in the development of the sector, particularly in a region where the share of renewable capacity continues to grow. By supporting these projects, we contribute to building a more stable and flexible energy ecosystem in Latvia,” says Ilze Zoltnere, Head of the Corporate Department of Luminor Bank in Latvia.
The share of renewable energy sources in electricity production in Latvia is already one of the highest in the European Union. New hybrid projects play a crucial role in smoothing market imbalances and ensuring attractive returns in a volatile price environment. Industry forecasts indicate strong growth in this segment – the projected share of solar energy in Latvia’s total electricity production could reach around 20 % by 2029, underscoring the increasing importance of energy storage solutions.
“By supplementing existing solar parks with battery technologies, we are not only enhancing the value of the energy produced, but also creating a solid foundation for further business growth. At a time when European energy sovereignty has become a strategic priority, investment in local sustainable solutions is essential. Our focus is on maximising the efficiency of existing infrastructure, and the integration of battery systems opens up new opportunities to achieve this. We are no longer dependent solely on electricity prices at the moment of production but can actively participate in grid balancing. The bank’s financing enables us to implement technologies that meet high environmental standards, reduce emissions and support progress towards climate neutrality,” says Kaspars Mucenieks, a representative of solar park companies.
The projects have been developed in accordance with the environmental and technical standards of the European Bank for Reconstruction and Development, contributing to the transition towards a more sustainable energy production model.
About Luminor
Luminor is the leading independent bank in the Baltic States and the third-largest financial services provider in the region. We provide financial services to individuals, families and businesses. Like the markets of Estonia, Latvia and Lithuania, we are dynamic, forward-looking and focused on sustainable growth.
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