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Saules Energy
Renewable energy project developer

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Saules Energy specializes in developing full cycle industrial-level renewable energy projects.

SectorEnergy Services
CountryLatvia
Entry2022
Fund Size€20.0M
Expected IRR10-15%
PerformanceBelow Plan
Websaulesenergy.lv
First Close12-2022
Term12-2027
Investors86
  • Saules Energy is the Fund's development platform for industrial-scale renewable energy assets in Latvia. Between 2022 and 2024 the company developed and energized eight PV plants totalling 71.5 MWp, and is now completing a 120 MWh battery energy storage system (BESS) projects that will be fully commissioned by the end of 2026. PV and BESS will operate together as hybrid assets behind the PV plant existing 55 MW grid connections, increasing the flexibility of the portfolio and enabling participation across all Nord Pool markets and the Baltic balancing markets, with dispatch optimised around the clock by automated trading.
  • KPIs- 71.5 MWp - Existing PV platform of 8 PV plants;
  • 120 MWh - BESS capacity across 8 PV plants;
  • 55 MW - Grid connection capacity;
  • 52.5 GWh - Electricity produced in FY 2025.

Investment Thesis

The Fund entered the Latvian PV market early, when installed capacity per capita was among the lowest in the EU, and built the entire 71.5 MWp portfolio with Tier-1 technology components in under two years. The addition of 120 MWh of BESS turns the PV plants into flexible hybrid assets able to trade across all Nord Pool and Baltic balancing markets – a region carrying a structural balancing premium since the 2025 desynchronisation from BRELL.

Our partners

AP

CEO & Co-founder

Artūrs Plūme
MP

COO & Co-founder

Māris Plūme
GL

CTO & Co-founder

Gatis Lazda
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