Luminor issues half a million euro for the construction of a solar park in Latvia

  • 2023-10-10

Solar park development in Latvia is becoming increasingly popular, and Riekstiņi, having received a 544 thousand euro loan from Luminor bank, is planning to build such a park in Latgale region in Latvia. Part of the funding is also intended for the leasing of agricultural machinery.

The company is a grain farmer, and this year the farm has cultivated 4400 hectares of arable land.

"We have worked with the farm Riekstiņi for several years and have previously supported the construction of a drying kiln and other development projects. The owners and managers of the company are highly experienced in the agricultural business and have successfully made it through this summer, which has been rather difficult for farmers. We are happy to continue to support such companies with strategically sound development plans," says Ilze Zoltnere, Head of Corporate Department at Luminor in Latvia.

As part of a Rural Support Service project and with the support from Luminor bank, the company is planning to develop a solar park for its needs. The solar park will have a capacity of 400 kW and will be built on a 0.76 ha plot of land. Most of the capacity is going to be allocated to the operation of the drying kiln, which is currently fuelled by gas. In addition, electricity is going to be supplied to all service buildings, warehouses and administration buildings.

Guntars Bartkevičs, owner of Riekstiņi: "To withstand fierce competition, we need to keep up with the times and invest in modern technology wherever possible, both to increase productivity and to save financial resources. As part of the Rural Support Service project, we are also planning to purchase a new self-propelled sprayer to be able to cultivate a wider range of fields with significantly greater precision. We also want to purchase a high-power roller to help prepare the soil for direct drilling."

With the allocated funding, the company also plans to buy two new combine harvester headers which are "smarter" and save time and costs in the grain threshing process. Considering that the farm grows certified seed, top quality seed must be harvested right from the field, which requires modern and innovative machinery.

About the farm Riekstiņi

The farm Riekstiņi is a family business, which has been working in agriculture for two generations since 1992. The farm specialises in grain farming, growing wheat, rapeseed, broad beans, peas, buckwheat, barley, and oats, while developing the grain and grass seed farming sector at the same time.

About Luminor    
Luminor is the leading independent bank in the Baltic region and the third-largest provider of financial services in our region. We serve the financial needs of individuals, families, and companies. Just like our home markets of Estonia, Latvia, and Lithuania we are young, dynamic, and forward looking.