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Swedbank has issued a loan of EUR 5 million for the construction of Kalkūnes SPP

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As a result of collaboration between the Latvian investment company Merito Partners (Merito) and Swedbank, a new solar power plant (SPP) Kalkūnes SPP with a capacity of 13 MW is currently under development in Augšdaugava district. This SPP will supply green energy to at least 6,500 households in the Daugavpils region next year. This project will receive a total investment of EUR 10 million, including EUR 4.9 million in funding from Swedbank. At the time of completion, Kalkūnes SPP will be the largest solar power plant in Latvia.

A total of 24,000 solar panels will be installed in the Kalkūnes SPP, projected to generate 13,500 MWh of electricity annually. This new power plant will be connected to the existing distribution infrastructure, ensuring that the solar electricity produced will be consumed by residents in Augšdaugava Municipality and Daugavpils.

Kalkūnes SPP is owned by Merito Sustainable Energy Fund I, which has engaged experienced experts from the company Saules Energy to supervise the project’s implementation. As the largest solar power plant operator in Latvia, the fund has commissioned four new SPPs this year in Zilupe, Brenguļi, Inčukalns, and Carnikava, with a combined capacity of 25 MW.

Kalkūnes SPP is scheduled to commence operations by the end of this winter, followed by three additional power plant projects in Koknese, Cēsis, and Valmiera by autumn 2024. Together these eight SPPs will generate at least 70,000 MWh of electricity annually, providing green energy to over 35,000 households in Latvia.

As Mikus Janvars, co-founder and Managing Partner of Merito Partners, explains, “Kalkūnes SPP is the second solar power plant developed by Merito Fund with co-financing from Swedbank. This year, Swedbank has allocated EUR 4.5 million in funding for the successfully launched solar power plant in Carnikava. Merito Sustainable Energy Fund I will invest a total of EUR 50 million in Latvia from over 63 private and institutional investors – a part of the financing has been secured through loans. We appreciate Swedbank’s commitment as the Baltic sustainability leader, contributing to this green infrastructure project funded by Latvian investors. The initiative is expected to benefit residents and different entities in Latgale and other regions of Latvia.”

According to Jevgenijs Ivanovs, Board Member and Head of the Corporate Banking at Swedbank, “At the core of Swedbank’s operations stand sustainable changes and environmentally friendly investments that contribute to the development of the Latvian economy. At present, when there is an urgent need to increase Latvia’s energy independence, we need to seek for opportunities to transform ourselves from electricity consumers into producers. The Latvian investors’ solar power plant project represents a significant step in this direction.”