Clean energy investment company Niam Infrastructure and Estonian renewable power developer Evecon have announced plans to build a new solar-plus-storage portfolio in Latvia. Contact online >>
Clean energy investment company Niam Infrastructure and Estonian renewable power developer Evecon have announced plans to build a new solar-plus-storage portfolio in Latvia.
The portfolio will be built in two phases, with construction at the first, including 40MW of solar generation capacity across six sites, already underway, and expected to be commissioned by the end of March 2025. The second phase will see the construction of five sites, with a combined power generation capacity of 44MW, and Evecon expects to begin construction before the end of this year.
Evecon will also build 26MW of battery energy storage systems (BESS) at the project sites, but did not specify the timeframe for the construction and commissioning of these facilities.
Upon commissioning, the projects will be jointly owned and operated by Niam Infrastructure and Evecon, and the companies announced that they will explore "various offtake strategies", including power purchase agreements (PPAs), at the projects, but that nothing had been signed yet.
Niam Infrastructure will provide equity financing for the projects'' construction phase, while Latvian bank Citadele Banka will provide project financing. The investment has also been supported by the EU''s InvestEU Fund, a €26.2 billion (US$29.1 billion) scheme, provided by the EU to investment firms within Europe, to help de-risk investments in a number of areas, including renewable energy.
Of this money, €9.9 billion (US$10.9 billion) has been set aside for investments into sustainable infrastructure, and the EU expects this fund to help encourage at least €372 billion (US$412.6 billion) of additional public and private investment.
"We are very excited to partner up with Evecon for the deployment of solar energy and storage in the growing Latvian market," said Sverker Åkerblom, CEO of Niam Infrastructure. "We have been following Evecon and the broader Baltic market for a long time and are impressed with Evecon''s capabilities and expertise as well as the development of the Latvian energy market."
Evecon currently operates 59MW of renewable power capacity, and has a further 850MW of solar capacity, alongside 900MW of wind capacity, under development in Estonia, Latvia and Lithuania. Eastern Europe has seen a number of encouraging developments in recent weeks, including Sunly''s plans to build a 1.3GW renewable power portfolio in the region and RWE and Axpo signing a PPA for a 628MW hybrid solar and wind project in Poland.
In issue 39 of PV Tech Power, we considered the potential for further solar development in eastern Europe, with the region boasting three new members of the 1GW solar capacity club: Bulgaria, the Czech Republic and Romania.
Estonian renewable energy company Sunly is building three solar parks in Latvia with a cumulative capacity of 225 MW. The projects are being developed as hybrid parks, combining solar with wind and battery energy storage.
Lithuania''s SNG Solar is set to build a 100 MW solar plant in the port of Riga, Latvia. Upon completion, the facility will be one of the largest solar projects in the Baltics.
In recent years, the Baltic countries have experienced a solar generation boom as the region seeks to kill two birds with one stone. These nations aim to break away from years-long energy dependence on Russia amid growing security concerns while also continuing to prioritize the green energy transition.
A European consortium of 11 commercial and non-profit organizations is developing several technologies to make use of end-of-life PV panels by either re-deploying them or by recovering and reprocessing the silicon.
Latvia recorded 54 MW of installed solar capacity at the end of last year, according to International Renewable Energy Agency (IRENA) statistics. This is "miserable" compared to the country''s Baltic siblings, one energy expert tells pv magazine. But if Latvia lands the right utility-scale opportunities, solar could be one of its renewable energy stars.
A Latvian developer is building a large-scale PV facility near the Russian border. The plant will provide some of the electricity that the Baltic country will no longer receive from Russia, following the planned desynchronization of the two energy systems in 2025.
Vilnius-based Green Genius has revealed that it will build an unsubsidized PV installation in Jekabpils, Latvia. Upon completion, the 100 MW project will be the country’s largest solar installation to date.
Lithuanian energy company Ignitis has purchased a 200 MW hybrid solar-wind project in Latvia. The installation is in the early stages of development, with construction scheduled to begin in 2025.
Panels will be installed at waste sites in five mining towns as part of the latest, €2.4 billion ($2.57 million) round of investment from a fund set up to help coal-dependent European member states with the energy transition.
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