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Citadele will co-finance the construction of Merito Partners largest solar power plant located in Sigulda municipality

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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 at Merito Partners: “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.