Luminor has co-financed the construction of a solar power plant in Cēsis by Merito Sustainable Energy Fund I (Merito Fund) with a EUR 6.5 million loan. Merito Foundation is currently the largest operator of solar power plants in Latvia. The Cēsis solar power plant is the fifth project implemented by the Fund and will involve a total investment of almost EUR 12 million of domestic capital.
The power plant will be located in “Purmaļi”, Priekuļi Parish, Cēsis Municipality. The implementation of the project has started on 23 hectares of land, with the help of experienced experts from Saules Energy. The Cēsis solar power plant is expected to be put into service this summer.
“Europe’s climate neutrality targets have given a huge boost to the development of renewable energy, and the number of solar and wind energy projects in Latvia is growing. We already produce a lot of energy from renewable resources in Latvia. The construction of the Cēsis solar power plant is also an important contribution to the green energy and environmental protection goals and Luminor is happy to support the implementation of this project, which is also in line with the bank’s sustainability goals,” says Ilze Zoltnere, Head of Corporate Department at Luminor in Latvia.
The Cēsis plant will have a capacity of more than 19 MW, and more than 33,500 solar panels will be located there. The power plant will supply 9,500 households in Cēsis and the surrounding municipalities with green electricity.
“To strengthen Latvia’s energy independence, the Merito Fund plans to invest a total of EUR 50 million in eight new solar power plants in Latvian regions. Last year, together with Saules Energy, we completed the construction of four new plants in Zilupe, Brenguļi, Inčukalns and Carnikava with a total capacity of 25 MW. They produce green electricity that is consumed by local residents and businesses. In the Cēsis project, as in the other solar power plants of our fund, we pay special attention to biodiversity conservation and environmental protection,” says Mikus Janvars, co-founder and managing partner of Merito Partners.
This year, the Fund plans to build four solar power plants. The eight new power plants will generate at least 70,000 MWh of electricity per year, supplying green energy to more than 35,000 households across Latvia.
Saules Energy is a developer of renewable energy projects using Latvia’s capital. It aims to make investments in green technologies profitable and serve a wide range of people.
About Merito Sustainable Energy Fund I
Merito Sustainable Energy Fund I, an alternative investment fund registered with the Bank of Latvia, is managed by Merito Partners, a fast-growing private capital investment company operating in Latvia and the surrounding region. It implements growth capital, sustainable energy and specialised real estate investment strategies on behalf of Latvian investors. Merito Management AIFP, 100% owned by Merito Partners, is an alternative investment fund manager registered with the Bank of Latvia.
About Luminor
Luminor is the leading independent bank in the Baltic states and the third largest provider of financial services in the region. We provide financial services to individuals, families and enterprises. We are new, dynamic and forward-looking just like Latvian, Estonian and Lithuanian markets.
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