Signet Bank grants €2.6 million in funding to AJ Power Corporate Group for energy storage technology development

Signet Bank has provided €2.6 million in funding to AJ Power Corporate Group, one of the leading private capital groups in Latvia, operating in the energy and waste management sectors. The funding was used to invest in the development of two battery energy storage systems (BESS).

This financing has enabled the installation of advanced energy storage technology that provides flexibility and stability in electricity supply, with a total capacity of 6,000 kW and a storage capacity of 12,000 kWh. The equipment has been sourced from EU-certified and reliable manufacturers with significant experience in similar projects across Europe. The BESS systems are installed in Aizkraukle and Ilūkste at solar power plants managed by AJ Power Corporate Group, where the necessary infrastructure has already been built and prepared.

The installed BESS systems help stabilize electricity tariffs in Latvia, as excess energy is stored in the BESS when there is an overproduction of electricity, and the energy is fed back into the grid during periods of shortage, thus maintaining a balance between electricity production and consumption.

AJ Power Corporate Group has also qualified and commenced operations in the Baltic balancing market, delivering balancing services to the transmission system operator (TSO), Augstsprieguma tīkls. AJ Power has become the first balancing service provider in the Baltic region with a solution that integrates solar power plants with BESS systems, managed through its own energy management system, “TRON”.

The total cost of the project is €3.66 million – 71% of the funding is covered by the bank’s financing, while the remaining portion is provided by AJ Power from its own resources.

Such large-scale projects are possible through close and professional collaboration between energy companies and financial partners. The funding provided by Signet Bank has allowed us to implement a technologically advanced energy storage solution tailored to market needs. This is a significant step that promotes both our business expansion and directly contributes to the stability of the Baltic energy system. We are ready to continue implementing innovative projects with financiers who recognize the strategic importance of such solutions.

Roberts Samtiņš, CEO of AJ Power Corporate Group

Sustainable business is no longer a vision for the future – it has become a necessity for entrepreneurs to consider in their business growth. This trend clearly emerged several years ago, and our challenge in Latvia is to develop fast enough to keep up with global changes. Signet Bank actively supports projects that combine economic growth with responsible resource management and innovations in the energy sector. AJ Power has demonstrated that Latvian companies can be leaders in the implementation of sustainable technologies. Through this funding, we are supporting both the company’s growth and the industry’s development towards sustainability.

Ineta Done, Board Member of Signet Bank

About AJ Power Corporate Group

AJ Power is a Latvia-based group of companies providing integrated energy and waste management solutions. The company is 100% locally owned and specializes in electricity and natural gas supply, renewable energy development, energy efficiency services, and natural resource tax administration. Founded in 2014 and headquartered in Riga, AJ Power has become one of the leading energy market players in the Baltics, with a turnover exceeding €110 million in 2024. The company is known for its innovative approach to energy asset management, including the deployment of battery storage systems, solar power plants and the energy management system ‒ TRON.

About Signet Bank

Signet Bank is Latvia’s leading investment bank, founded in 1991, and one of the first independent banks in Latvia. Signet Bank offers sustainable financing and investment solutions to local entrepreneurs and businesses. Since 2021, Signet Bank has helped more than 50 Latvian companies raise additional funding of €1 billion through bond and stock issuances. In 2024, the bank’s assets under management reached €1.6 billion. Signet Bank is a leading organizer of corporate bond and stock issuances in Latvia and one of the leading stock brokers in the Baltics. The bank’s shareholders include eighteen Latvian and international private investors, with the largest being Signet Acquisition III (23%), whose sole shareholder is U.S. investor Alexander Solovey, RIT Group (18%) – a Latvian company owned by the Rapoport family, and Reglink (15%), founded by banking professional Irīna Pīgozne.