Merito Partners together with renewable energy company Saules Energy, has launched the modernization of its 71.5 MW solar energy portfolio by integrating battery energy storage systems (BESS). The total investment in the project amounts to EUR 25 million, with EUR 13 million in financing for the first phase provided by Signet Bank.
By attracting capital from more than 80 Latvian private and institutional investors, the Merito Sustainable Energy Fund I, managed by Merito Partners, in cooperation with renewable energy project developer Saules Energy, implemented the construction of eight large-scale solar power plants (SPP) between 2023 and 2024 in Zilupe, Brenguļi, Inčukalns, Carnikava, Kalkūne, Koknese, Cēsis, and Valmiera. The combined capacity of our SPP’s is 71.5 MW.
The Merito Partners solar power plants have been developed with connections to the distribution grid, enabling electricity generation close to end users in the regions — both local residents and businesses. Together, the eight SPPs currently provide electricity for approximately 35,000 Latvian households, strengthening Latvia’s energy independence and supporting the achievement of sustainability goals.
The solar power plant modernization project includes the installation of BESS across all plants, with a total storage capacity of 120 MWh. This solution enables solar-generated energy to be used during nighttime hours and improves operational predictability under varying weather conditions. In addition, the technical capabilities of BESS provide significant support to the stability of Latvia’s power system.
The modernization project will be implemented during the course of this year, with total costs amounting to EUR 25 million. For the first phase of implementation, Signet Bank has issued a loan of EUR 13 million.
Mikus Janvars, Co-Founder and Managing Partner of Merito Partners: “The launch of the BESS project marks an important development step in our green infrastructure initiative. We are grateful for the confidence shown by our investors and Latvia’s leading investment bank. The financing will enable Merito’s solar power plants to be equipped with BESS, gradually making their operations less dependent on weather conditions and electricity market volatility. This will significantly increase the resilience of the solar energy portfolio’s revenue streams and its long-term value.”
The BESS-equipped solar power plant platform is expected to become operational by the end of 2026.
Roberts Idelsons, Chairman of the Management Board of Signet Bank, commented: “The development of energy infrastructure is essential for the sustainable growth and independence of Latvia’s economy. We are pleased to support local entrepreneurs in implementing projects of this scale — strengthening the country’s energy supply system while promoting the transition to a more climate-neutral economy. This year, Signet Bank plans to increase its loan portfolio by nearly EUR 200 million, and this financing transaction represents an important step toward achieving this goal.”