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Citadele grants 2.8 Million Financing to Merito Partners for the construction of Solar Power Plant in Brenguļi

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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 at Merito Partners: “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.