Signet Bank Provides Over EUR 3 Million in Financing for Battery Energy Storage Facility in Riga

SW Power SIA, part of the Swedish energy group Byhmgard, has signed a loan agreement with Signet Bank for more than EUR 3 million to finance the construction of a battery energy storage facility on Ata Street in Riga, Latvia. The total investment in the project is approximately EUR 6.1 million, with Signet Bank providing 50% of the financing. The facility is expected to begin commercial operations in the second quarter of 2027.

SW Power SIA is a project company wholly owned by Byhmgard Invest AB, a subsidiary of Byhmgard AB. The remaining portion of the project financing is expected to be provided through Byhmgard Invest AB. Battery systems will account for the majority of the subsidiary’s financing contribution, while approximately 30% of that contribution will be provided in cash.

The new battery energy storage facility will have a grid connection capacity of 14.99 MW and will consist of six liquid-cooled lithium iron phosphate (LFP) battery containers with a total storage capacity of approximately 30 MWh. The facility will be capable of storing and supplying electricity for approximately two hours, helping balance electricity supply and demand while contributing to grid stability.

Delivery of the battery systems to Riga is scheduled for spring 2027, with commercial operations expected to begin in the second quarter of 2027. The company then plans to apply for the necessary approvals for the facility to provide balancing and other ancillary services to Latvia’s transmission system operator, Augstsprieguma tīkls AS.

The loan agreement is a decisive step in the financing of our first own plant, and we are closer to our goal of moving from delivering battery systems to owning and operating them. The loan is sized on estimated revenue from energy arbitrage, which gives a robust base, while potential ancillary services to Augstsprieguma tīkls AS may provide a substantial upside. The structure with a project loan and guaranteed acquisitions on credit of battery systems contributed to our project companies as equity is built to be repeated, and the next plant follows the same model,

says Christian Byhmer, CEO of Byhmgard.

We are pleased to support the development of Byhmgard’s first battery energy storage facility in Riga, providing financing that will help the company achieve its growth ambitions while contributing to the modernization of Latvia’s energy infrastructure. As significant investments in renewable energy generation continue, there is a growing need to expand energy storage capabilities and grid balancing capacity. The energy sector is experiencing rapid growth both globally and in Latvia, and we are encouraged to see experienced international investors like Byhmgard investing in Latvia’s energy market. Signet Bank sees strong potential in the energy sector and intends to continue supporting its development through financing,

said Ineta Done, Member of the Management Board of Signet Bank.

About Byhmgard

Byhmgard AB is a Swedish energy company founded in 2021, specializing in the development, construction, and management of large-scale battery energy storage systems. The company provides end-to-end solutions, from project development and construction to the optimization and long-term operation of energy storage facilities. Byhmgard is developing projects across several European markets, including the Baltic States. The company’s shares are listed on Sweden’s Nordic Growth Market under the ticker symbol BESS. For more information: www.byhmgard.com