Author: Nadinalasmane

The state funded pension scheme pension investment plan ‘CBL Aktīvais Ieguldījumu plāns’ managed by ‘CBL Asset Management’ will invest EUR 4.5 million in the alternative investment fund ‘Merito Sustainable Energy Fund I’. 

The alternative investment fund ‘Merito Sustainable Energy Fund I’ (Fund), managed by the investment company ‘Merito Partners’, is developing solar power plants in Latvia in collaboration with experts from the company ‘Saules Energy’. The Fund is the largest solar power plant operator in Latvia. In 2023, the Fund has successfully completed the construction of three solar plants in Zilupe, Brenguļi and Inčukalns with a total capacity of 12.9 MW.  The Fund will build a total of eight solar power plants with a total capacity of 70 MW by the end of 2024. The Fund will invest a total of EUR 50 million in the development of the eight solar power plants. The equity funding has been committed by 60 private and institutional investors, while debt is provided by Latvian commercial banks. 

“The concept behind the Merito fund aligns well with ‘CBL Asset Management’ overall philosophy in pension fund management. First, this provides us with another opportunity to invest in the Latvian economy, which is a challenging task given the relatively small and shallow local capital market. Second, this represents a commitment to environmentally friendly renewable energy and an investment in Latvia’s energy independence and security, which is vitally important at this moment. Third, the fund’s business plan and the active, motivated team give us reason to believe that our investment will yield financial benefit for CBL Active Pension Plan members,” explains Zigurds Vaikulis, Investment Director and Pension Plan Manager at CBL Asset Management. 

Mikus Janvars, Co-founder and Managing Partner of Merito Partners says, “We are pleased that this ambitious green infrastructure project, driven by Latvian investors, has earned the trust of CBL Asset Management. This project directly benefits Latvia, as we aim to strengthen our country’s energy independence using local capital. This will be achieved by constructing a total of eight solar power plants connected to the local distribution infrastructure. As a result, the generated solar electricity will be accessible to residents and companies in nearby areas. As the share of renewable energy increases and reaches sufficient levels, we anticipate gradual reduction in electricity costs over time.” 

Merito Sustainable Energy FUND I, an alternative investment fund registered with the Bank of Latvia, is managed by Merito Partners, an 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 AIFM, 100% owned by Merito Partners, is an alternative investment fund manager registered with the Bank of Latvia.  

About Citadele Group   

Citadele’s mission is to modernise the financial sector and offer more opportunities to private individuals and businesses throughout the Baltics. In 2022, Citadele had 374,000 active customers in the Baltics and issued EUR 1.2 billion in new loans, with its total loan portfolio reaching EUR 2.9 billion, while total deposits reached EUR 3.9 billion.   

Alongside classic banking services, Citadele offers its clients a range of services based on next-generation financial technology, including its modern app, contactless payments and instant payments. Citadele was the first in the Baltics to introduce opening an account with a selfie, payment rings and payments to mobile numbers for private customers. Meanwhile, businesses make active use of our remote account opening and the chance to accept payments with the Citadele Phone POS app and Klix universal e-commerce tool, as well as applying for financing to develop their business.   

Citadele Bank is the Group’s parent company in Latvia, and its subsidiaries and branches operate in Latvia, Lithuania and Estonia.   

For more information, please contact: 

Eva Cildermane 

Head of Corporate Communications 

at AS Citadele banka 

Tel. 28690176 

Email: Eva.Cildermane@citadele.lv

www.citadele.lv

Merito Partners, with co-financing from Swedbank, will construct the largest solar power plant (SPP) in Latvia this year. The SPP, with the capacity of 12 MW, will be commissioned in Carnikava, ensuring sustainable electricity for over 5,860 households in Carnikava and the surrounding residential areas. The total investment in Carnikavas SPP is EUR 8 million, with EUR 4.5 million in funding from Swedbank. This will be the largest solar power plant in Latvia to enter service this year at the time of commissioning. 

In September, 22,300 solar panels will be installed across 11.7 hectare area. Carnikavas SPP will have a capacity of 12 MW and is expected to generate a minimum of 12,300,000 kWh of electricity annually, equivalent to the average annual electricity consumption of 5,860 households.  

Mikus Janvars, co-founder and Managing Partner at Merito: “We are proud to announce our partnership with Swedbank on construction of the largest SPP in Latvia to date. Swedbank is not only the largest bank in Latvia, but also is the leading advocate for sustainability in the Baltics. We pay great attention to responsible business development. Throughout the SPP construction process, together with independent experts, we carefully evaluate and select suppliers with strong sustainability credentials. At the same time, by increasing the share of renewable energy in Latvia, we are protecting the environment and biodiversity. Drawing inspiration from industry leaders, we continuously innovate our practices, placing ever stronger emphasis on sustainability and responsible business conduct. In all our SPPs we are creating habitats for insects and bats. In the future, we plan to collaborate with local farmers, utilizing the solar power plant’s meadows to support bee colonies and sheep herds.” 

Solar energy is one of the most effective ways in which Latvia and other European countries can increase their energy independence from oil and gas. SPPs not only offer economic benefits, but also bring significant environmental and social advantages. Their construction does not involve significant territorial changes. SPPs are quiet and harmless to living creatures. At the end of service life, solar panels are efficiently recycled, ensuring that most components are reused. 

The Merito’s solar power plants are strategically connected to the distribution infrastructure. This allows for electricity generation to be close to consumers, benefiting both regional residents and businesses. Carnikava SPP is located directly opposite the Carnikava Substation.  

As Jevgenijs Ivanovs, Head of Corporate Division at Swedbank, explains “At a time when there is a nationwide discussion regarding the role of banks in the development of the country’s economy, we are delighted to announce that the largest SPP to be commissioned this year was made possible through the collaboration with Swedbank. This achievement serves as another testament to the support of sustainable business concepts by financial institutions due to their invaluable role in the growth of a new and higher-quality economy. Importantly, in a time marked by geopolitical uncertainties and the war in Ukraine, which have directly affected energy prices in Latvia, we are in the process of transitioning ourselves from net electricity importers to electricity exporters. The development of the largest solar plant in Latvia is large step in increasing our economy’s energy independence while decreasing our reliance on fossil fuels. Swedbank, which has long identified itself as a bank dedicated to fostering sustainable change, naturally aligns with projects that share our vision of a greener and more self-reliant economic future”. 

In all lending processes, Swedbank assesses sustainability risks based on the financing amount and the complexity of the business. Projects are also evaluated for the potential compliance with the Sustainable Finance Framework. Based on this framework, Swedbank may issue green bonds. Our green categories, such as solar power plants, align with the 2021 Green Bond Principles by International Capital Market Association’s (ICMA) and adhere to the EU Taxonomy technical screening criteria. 

The solar power plant ‘Carnikavas SES’ is owned by ‘Merito Sustainable Energy Fund I’, which is managed by the Latvian investment company ‘Merito Partners’. Merito Partners have partnered with experienced experts from Saules Energy to implement eight SPP projects in Latvia. The Carnikavas SPP will be Merito Partners’ fourth solar power plant to commence operation this year.

The largest solar power plant (SPP) has been built in Inčukalns, Sigulda Municipality.  A total investment of EUR 2.5 million of local capital has been invested in the construction of Inčukalns SPP, which will provide green electricity to 1,650 households. Throughout the construction process, a strong emphasis was placed on environmental protection and the preservation of biodiversity. 

More than 5,600 solar panels have been installed in the new power plant on 4.5 hectares. Inčukalna SPP has a capacity of 3.1 MW and will generate at least 3,300,000 kWh of electricity annually. This is equivalent to the average annual electricity consumption of 1,650 households. Additionally, energy trader and retailer “Virši” plans to build a fuel station alongside. 

Inčukalns SPP is owned by Latvian investment fund Merito Sustainable Energy Fund I, which has partnered with experienced experts from Saules Energy to implement SPP projects. A total of EUR 2.5 million has been invested in the development of new SPP, with equity from 58 investors and a loan of 1.2 million euros from AS Citadele banka. The general contractor for this project is a Latvian company KL Systems, which has 12 years of experience in building industrial solar parks across Europe.  

As Līga Sausiņa, Chair of Sigulda Municipality Council explains, “Sigulda Municipality is proud to be among the first municipalities in Latvia with its own industrial-scale SPP. We look forward to continued investment by entrepreneurs in renewable energy sources in the municipality. Each investment represents a significant step towards promoting Latvia’s energy independence. Importantly, this green energy generation paves the way for more dynamic business development in the region.” 

Strong emphasis has been placed on preserving environmental biodiversity throughout the development of Inčukalns SPP. The territorial fence has been raised to allow smaller animals and amphibians to cross the area freely. Additionally, specially designed piles of boulders were integrated into the territory to provide shelter for wildlife, along with two bat houses on the site.  

The project implementers invite local farmers to collaborate and utilize the solar power plant’s meadow areas for the needs of bee colonies and sheep herds. 

“Thanks to Sigulda Municipality Council’s understanding of the importance and necessity of environmentally friendly infrastructure, Inčukalns SPP project has been implemented according to plan and the power plant is already operational. Since Latvia needs to make tangible progress in increasing its share of renewable energy, we have focused our efforts on projects that will start producing green and more affordable electricity. SPPs funded by the Merito Fund in Sigulda municipality and elsewhere are being developed with connection to the distribution infrastructure, as a result of which electricity is being generated close to its consumers – regional residents and companies. Such a strategy not only ensures stable consumption but also enhances the energy security of Latvia’s regions,” explains Artūrs Plūme, Chairman of the Board of Saules Energy.

Using EUR 6 million of local capital, largest solar power plant (SPP) in Latvia has been commissioned in Brenguļi, Valmiera district, paying particular attention to environmental protection and biodiversity preservation. This SPP will provide green electricity to almost 4,000 households.  

The new SPP has been built alongside Valmiera–Brenguļi–Bikseja road, two kilometres from Brenguļi and eight kilometres from Valmiera city centre. The owner of this SPP is Latvian investment fund Merito Sustainable Energy Fund I, which has partnered with experienced renewable energy project development experts Saules Energy, to implement SPP projects. The general contractor for this project is a Latvian company KL Systems, with 12 years of experience in constructing industrial solar parks in Europe and around the world. 

More than 12,300 solar panels are installed in Brenguļi SPP, spanning an area of 8.9 hectares. The new power plant will generate at least 7,500,000 kWh of electricity per year, equivalent to the average annual electricity consumption of 3,800 households. The generated electricity will be available to residents of Valmiera and other regions in Latvia. 

According to Raimonds Čudars, the Latvia’s Climate and Energy Minister, “With the initiative of local entrepreneurs, Latvia is taking significant steps to strengthen our country’s energy independence. Solar energy is one of the most efficient ways in which Latvia and other European countries can reduce dependence on oil and gas products by leveraging their own natural resources.” 

Brenguļi SPP is the second SPP opened this summer that are constructed as a part of the ambitious energy project of Merito Sustainable Energy Fund I. The new SPP has received an investment of EUR 6 million, with contributions from 50+ investors as well as a loan of EUR 2.8 million from AS Citadele banka. This is one of the first projects in Latvia to secure funding within the framework of an agreement between Citadele bank and the European Investment Bank (EIB) to secure funds from the EIB guarantee programme for Latvian companies. 

“Currently the development of green infrastructure in regions is critically important. Historically, during the summer months, Latvia has always experienced the highest electricity deficit, which had to be offset by electricity imports. Now, environmentally friendly electricity is generated instead, which will be beneficial for the residents and companies of Valmiera municipality,” emphasizes Andris Kulbergs, Chairman of the Saeima Subcommittee on Environment, Climate and Energy. 

As Ričards Gailums, Deputy Chairman of the Valmiera Municipality Council explains, “Valmiera Municipality already has 10 SPPs at various stages of development, and we can take pride in the fact that the largest SPP in Latvia begun its operations in Brenguļi. Every green investment is a valuable asset that strengthens the energy independence of our district and region.”  

As demonstrated by the experience of countries where similar power plants have been in operation for decades, SPPs are not only economically beneficial but also environmentally and socially friendly. Their construction does not require significant territorial changes, and during their operation, they remain quiet and neutral to environment and surroundings. Strong emphasis has been placed on preserving environmental biodiversity in the construction process of Brenguļi SPP. The territorial fence has been raised to allow free movement of smaller animals and amphibians into the area. Specially designed piles of boulders have been incorporated in the territory to provide shelter for wildlife. Additionally, the project developers are fostering collaboration with local farmers, inviting them to utilize the solar power station’s meadows for bee colonies and sheep herding. 

To strengthen Latvia’s energy independence, Merito will invest EUR 50 million in the development of eight new SPPs across Latvia. The plan includes development of four additional SPPs with a combined capacity of 45 MW by the end of this year, distributed across various regions of Latvia. Additionally, two more SPPs are scheduled for 2024. Collectively, eight new SPPs will generate more than 70,000 MWh of electricity annually, providing sustainable energy to more than 35,000 households across Latvia. 

One of Merito’s upcoming SPPs will be constructed in Kauguri parish of Valmiera Municipality, where approximately 9,000 solar panels will be installed in a 6.9-hectare area. Valmiera SPP will be able to provide renewable energy to around 3,200 households annually. 

About the project developers 

Saules Energy is a developer of renewable energy projects funded with Latvian capital. Its objective is to make investments in environmentally friendly technologies profitable and beneficial for a wide range of society.  

Merito Sustainable Energy FUND I is an alternative investment fund registered with the Bank of Latvia and managed by Merito Partners, a rapidly growing investment company operating in Latvia and the surrounding region. On behalf of Latvian investors, it implements growth capital and sustainable energy investment strategies. 

For more information, please contact: 

Agnese Ruberte

Merito Partners Communication Consultant

M. +371 29337759, e-mail: pr@meritopartners.com

This summer, the largest solar power plant in the district will start operating in Inčukalns, Sigulda municipality. The project is funded by the local investment company Merito Partners (Merito). Total cost of the project is EUR 2.17 million, with EUR 1.2 million secured from Citadele Bank.  

The Inčukalns solar power plant (SPP) will be built on an area of 4.5 hectares in Inčukalns parish. 5,600 solar panels will be installed on an area equivalent to six football fields, adjoining a to-be constructed Virši fuel station.  

Preparation of the site has been completed, and the construction of power plant structures and cables has begun. This summer, solar panels will be installed on the SPP site, followed by testing and commissioning of the power plant by the autumn. The capacity of Inčukalns SPP will be 3.1 MW, and it is expected to generate at least 3,300,000 kWh of electricity per year, which is equivalent to the average annual electricity consumption of 1650 households.  

According to Mikus Janvars, co-founder and Managing Partner of Merito: “We are delighted with Citadele’s trust in this green infrastructure project implemented by Latvian investors. This will strengthen Latvia’s energy independence and, thanks to both the bank’s financing and the contribution of investors, this year the residents of Sigulda municipality will have access to green, solar-generated electricity.” 

“This is already the second solar power plant that we are financing in cooperation with the project developers Merito. We are certain that Inčukalns SPP and Brenguļi SPP will soon be joined by other power plants that will help strengthen Latvia’s energy independence,” says Vaidas Žagūnis, Board Member and Head of Corporate Client Management at Citadele Bank in the Baltics. 

Inčukalns SPP is owned by the Latvian investment company Merito Partners, which has collaborated with experienced experts from the company Saules Energy for project development. In partnership with Saules Energy, Merito is developing portfolio of eight solar power plants in Latvia. Inčukalns SPP will be among the first to start producing electricity this year. 

About Citadele Group  

Citadele’s mission is to modernise the financial sector and offer more opportunities to private individuals and businesses throughout the Baltics. In 2022, Citadele had 374,000 active customers in the Baltics and issued EUR 1.2 billion in new loans, with its total loan portfolio reaching EUR 2.9 billion, while total deposits reached EUR 3.9 billion.  

Alongside classic banking services, Citadele offers its clients a range of services based on next-generation financial technology, including its modern app, contactless payments and instant payments. Citadele was the first in the Baltics to introduce opening an account with a selfie, payment rings and payments to mobile numbers for private customers. Meanwhile, businesses make active use of our remote account opening and the chance to accept payments with the Citadele Phone POS app and Klix universal e-commerce tool, as well as applying for financing to develop their business.  

Citadele Bank is the Group’s parent company in Latvia, and its subsidiaries and branches operate in Latvia, Lithuania and Estonia.  

About Merito Partners  

Merito Partners is a growing private investment company operating in Latvia and the New Nordics. Currently, our focus is on investments in growth capital and renewable energy. Merito Management AIFP, 100% owned by Merito Partners, is registered with the Bank of Latvia as an alternative investment fund manager. 

For more information, please contact: 

Eva Cildermane 
Head of Corporate Communications 
at AS Citadele banka 
M. 28690176  
E-mail: Eva.Cildermane@citadele.lv  
www.citadele.lv 

Agnese Ruberte

Merito Partners Communication Consultant

M. +371 29337759, e-mail: pr@meritopartners.com

Latvian investment company Merito Partners (Merito), in collaboration with renewable energy project developer Saules Energy, has taken a significant step towards promoting Latvia’s energy independence. In early July, the Zilupe Solar Power Plant (SPP) commenced operations in Latgale. The SPP will provide green electricity to at least 1,300 households in Zilupe and its surrounding area. The SPP project has been financed using EUR 2 million of local capital. 

The Zilupe SPP has been constructed in Zaļesje, Ludza Municipality, situated on the border of Zilupe. With a capacity of 2.8 MW, it will provide green electricity to at least 1,300 households in Zilupe. Additionally generated electricity is available to the residents of Ludza and other regions of Latvia.   

As Andris Kulbergs, Chairman of the Saeima’s Environment, Climate and Energy Sub-Committee, emphasizes, “The successful implementation of significant solar power plant project near the border with Russia symbolically affirms our country’s path towards energy independence. Historically, Latvia has faced the challenge of the largest electricity deficit during summer months, which had to be offset with electricity imports from other countries, but now we have environmentally friendly electricity instead.” 

With the opening of Zilupe SPP, Ludza becomes one of the first municipalities that are already taking tangible steps towards promoting Latvia’s energy independence. “Ludza municipality has become the example of best practices in the use of solar energy in Latvia. A solar power plant of this scale is not only bringing economic benefits, but also contributes to environmental and social well-being, which is an important step towards sustainability,” says Edgars Mekšs, Chairman of Ludza Municipality Council.  

Zilupe SPP is the first of eight solar power plants developed within a significant green energy project by the “Merito Sustainable Energy FUND I,” an investment fund operated by “Merito.” Merito has teamed up with experienced industry entrepreneurs from the renewable energy development company Saules Energy to implement the project. The creation of Zilupe SPP involved an investment of EUR 2 million from over 45 Latvian investors and including a loan of EUR 1 million from AS “Signet Bank.  

Mikus Janvars, co-founder and Managing Partner of Merito: “Promoting Latvia’s energy independence through the use of renewable energy resources is an initiative driven by local entrepreneurs and investors. The launch of Zilupe SPP marks its first step, and Merito will invest approximately EUR 50 million in development of eight new SPPs in various regions of Latvia. Together the SPPs will generate at least 70,000 MWh of electricity annually, supplying green energy to over 35,000 households across Latvia.” 

By the end of this year, at least six power plants with a total capacity of 55 MW will be operational in various regions of Latvia, while the remaining one will be operational in 2024.  

About the project 

Saules Energy is a developer of renewable energy projects financed by Latvian capital, with mission to make profitable GreenTech investments and serve society. Saules Energy collaborates with leading manufacturers and engineers worldwide to provide renewable energy in parts of Latvia where it not available. The general contractor of the Zilupe SPP project is KL Systems. 

Merito Partners is a growing private investment company operating in Latvia and the New Nordics. Currently, our focus is on investments in growth capital and renewable energy. Merito Management AIFP, 100% owned by Merito Partners, is registered with the Bank of Latvia as an alternative investment fund manager.

For more information, please contact:

Agnese Ruberte

Merito Partners Communication Consultant

M. +371 29337759, e-mail: pr@meritopartners.com

Citadele Bank has granted co-financing to the investment company Merito Partners (Merito) for the construction of a new solar power plant (SPP) in the Brenguļi parish of Valmiera municipality. This is one of the first projects in Latvia to receive funding within the framework of an agreement between Citadele and the European Investment Bank (EIB) for the allocation of EIB guarantee program funds to Latvian companies. 

During this summer, more than 12,000 solar panels will be installed on an area of 8.7 hectare for the Brenguļi SPP. The power capacity of the SPP will be 7 MW, and it is expected to generate nearly 7,000,000 kWh of electricity annually, which corresponds to the average electricity consumption of 3,800 households.  

The total cost of the project is almost EUR 5 million, of which Citadele’s co-financing comprises EUR 2.8 million. This is one of the first projects in Latvia to be co-financed with the EIB support.  

“In a time when energy independence and sustainability are particularly relevant issues, we are pleased to support companies in the development of renewable energy projects. Furthermore, the introduction of alternative energy sources is systematically supported by EIB’s program for entrepreneurs, providing co-financing with a reduced interest rate for various types of investments. We hope that the solar power plant in Valmiera municipality will serve as a good incentive for other entrepreneurs to explore opportunities for developing sustainable projects,” explains Vaidas Žagūnis, Citadele Board Member and Head of Corporate Banking in the Baltics. 

The owner of Brenguļi SPP is Merito Sustainable Energy Fund I, an investment fund managed by Merito, that has attracted experts from company Saules Energy for portfolio development. Both companies plan to develop eight power plants in Latvia, with Brenguļi SES being one of the first to start producing electricity this summer. By the end of this year, at least six power plants with a total capacity of 55 MW will be operational in various regions of Latvia, while the remaining one will be operational in 2024. The new solar power plants are expected generate at least 70,000 MWh of electricity annually.  

Mikus Janvars, Co-founder and Managing partner of Merito: “We are pleased with the trust placed in the green energy project of Latvian investors by Citadele Bank and EIB, as they provide a loan for the construction of a new solar power plant in Vidzeme. As a result of allocated funding, the construction of Brenguļi SPP is progressing according to the plan. Currently, the installation of structures is underway, followed by the installation of solar panels and other construction works”.  

In December 2022, Citadele and the EIB Group, consisting of the EIB and the European Investment Fund, signed an agreement to expand loans to local businesses in the Baltic states amounting to at least EUR 460 million. By allocating 20% of the loans to “green” projects, this transaction will promote the green transformation of the local economy and help reduce overall greenhouse gas emissions.  

About Citadele Group 

Citadele’s mission is to modernise the financial sector and offer more opportunities to private individuals and businesses throughout the Baltics. In 2022, Citadele had 374,000 active customers in the Baltics and issued EUR 1.2 billion in new loans, with its total loan portfolio reaching EUR 2.9 billion, while total deposits reached EUR 3.9 billion. 

Alongside classic banking services, Citadele offers its clients a range of services based on next-generation financial technology, including its modern app, contactless payments and instant payments. Citadele was the first in the Baltics to introduce opening an account with a selfie, payment rings and payments to mobile numbers for private customers. Meanwhile, businesses make active use of our remote account opening and the chance to accept payments with the Citadele Phone POS app and Klix universal e-commerce tool, as well as applying for financing to develop their business. 

Citadele Bank is the Group’s parent company in Latvia, and its subsidiaries and branches operate in Latvia, Lithuania and Estonia. 

About Merito Partners 

Merito Partners is a growing private investment company operating in Latvia and the New Nordics. Currently, our focus is on investments in growth capital and renewable energy. Merito Management AIFP, 100% owned by Merito Partners, is registered with the Bank of Latvia as an alternative investment fund manager. 

For more information, please contact:

Līga Ratniece 

Corporate Communications Manager 

AS “Citadele banka” 

M. +371 28378366 , e-mail: liga.ratniece@citadele.lv   

Agnese Ruberte

Merito Partners Communication Consultant

M. +371 29337759, e-mail: pr@meritopartners.com

Signet Bank has granted EUR 1 million loan to the Latvian investment company Merito Partners (Merito). The funding will be used for development of a green infrastructure project by Merito, involving the construction of a 2.7 MW solar power plant near Zilupe, in Ludza district. 

The loan from Signet Bank has been used for the construction of Zilupes solar power plant in Zaļesje parish of Ludza Municipality, near the border of Zilupe. The power plant will consist of 5,000 solar panels with total capacity of 2.7 MW. It will provide green electricity to at least 1,300 households in Zilupe and its surrounding area, and any excess electricity generated will be available to residents of Ludza and other Latvian districts. 

Roberts Idelsons, the Chairman of the Board of Signet Bank explains, “One of Signet Bank’s focus areas is providing funding for the growth and development of Latvian companies. The loan to Merito is an investment in green infrastructure, which will not only contribute to our country’s energy independence, but also provide environmentally friendly electricity to the residents and businesses of Latgale region in the near future. It is a win-win opportunity to take another step towards the transformation of the Latvian economy.” 

Zilupe solar power plant is the first of nine solar power plants in the ambitious Latvian green electricity project implemented by Merito Sustainable Energy FUND I, which will strengthen our country’s energy independence. It is planned that at least seven power plants with a total capacity of 55 MW will be operational in various regions of Latvia by the end of this year with additional two scheduled for 2024. The new solar power plants are expected to produce at least 70,000 MWh of electricity annually.  

“We are grateful to Signet Bank for their support and trust in relation to initiative of local entrepreneurs and investors, which will result in providing green energy to over 35,000 households throughout Latvia in the next two years. As a result of Merito investment along with co-financing from Signet Bank and other banks, a total of EUR 50 million will be invested in the Latvian economy,” says Mikus Janvars, the Managing Partner and co-founder of Merito. 

Currently over 45 investors have invested in Merito Sustainable Energy FUND I, with new investors joining the fund every month.

About Signet Bank

Signet Bank was founded in 1991 and is one of Latvia’s first independent banks. The bank’s strategy focuses on providing financing and capital management services to local entrepreneurs and their businesses. Since the start of 2021, Signet Bank has provided customers with almost EUR 500 million of financing in the form of loans and bonds. Signet Bank’s shareholders are nine Latvian and international private investors, of whom the biggest is Signet Acquisition III (25%), whose sole shareholder is US investor Aleksandrs Solovejs; AS RIT Group (19.50 %), a Latvian company owned by the Rapoport family, and SIA Reglink (15.93 %), founded by banker Irīna Pīgozne. 

About Merito

Merito Partners is a growing private investment company operating in Latvia and the New Nordics. Currently, our focus is on investments in growth capital and renewable energy. Merito Management AIFP, 100% owned by Merito Partners, is registered with the Bank of Latvia as an alternative investment fund manager.  

For further information, please contact: 

Elīna Kasparsone,  

Head of Marketing and Communication at Signet Bank 

M. +371 26797166, e-mail: elina.kasparsone@signetbank.com 

Agnese Ruberte, 

Merito Partners Communication Consultant  

M. +371 29337759, e-mail: pr@meritopartners.com