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The first Merito solar power plant has been opened in Ludza Municipality

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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 at Merito Partners: “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.