Signet Bank grants EUR 13 million in financing for the modernization of a solar power plant portfolio

Merito Partners, one of Latvia’s leading solar power plant operators, and renewable energy company Saules Energy have begun modernizing their 71.5 MW solar energy portfolio by adding a battery energy storage system (BESS). The total investment in the project is 25 million euros, and 13 million euros in financing has been secured from Signet Bank for the implementation of the first phase.

By attracting capital from more than 80 private and institutional investors in Latvia, the Merito Partners fund “Merito Sustainable Energy Fund I,” together with renewable energy project developer “Saules Energy,” has completed the construction of eight large-scale solar power plants in Zilupe, Brenguļi, Inčukalns, Carnikava, Kalkūne, Koknese, Cēsis, and Valmiera, with a total capacity of 71.5 MW.

The solar power plants developed by the Merito Partners fund are connected to the distribution infrastructure, ensuring that electricity is generated close to its consumers – local residents and businesses. Eight solar power plants currently provide electricity to 35,000 Latvian households, strengthening Latvia’s energy independence and promoting the achievement of sustainability goals.

The solar power plant modernization project involves the implementation of BESS in all power plants with a total capacity of 120 MWh. This solution allows solar-generated energy to be used even during nighttime hours and ensures the predictability of power plant operations under various weather conditions. Likewise, the technical capabilities of BESS provide significant support for the stability of Latvia’s power system.

The modernization project will be implemented this year, with a total cost of 25 million euros. Signet Bank has issued a loan of 13 million euros to finance the first phase.

Mikus Janvars, co-founder and managing partner of Merito Partners:

“The launch of the BESS project marks a significant step forward in the green infrastructure project undertaken by Merito Partners and Saules Energy. We are grateful for the recognition of this initiative by investors and Latvia’s leading investment bank – the financing will enable us to equip Merito’s solar power plants with BESS and gradually make their operations less dependent on weather conditions and fluctuations in the electricity market. In this way, we will significantly increase the revenue stability and long-term value of our solar energy portfolio.”

The solar power plant platform equipped with BESS is scheduled to begin operations by the end of 2026.

The development of energy infrastructure is essential for the sustainable growth and independence of Latvia’s economy. We are pleased to support local businesses in implementing such projects – this simultaneously strengthens the country’s energy supply system and promotes the transition to a more climate-neutral economy. Signet Bank plans to increase its loan portfolio by nearly EUR 200 million this year, and this financing transaction is a significant step toward achieving that goal,

says Roberts Idelsons, Chairman of the Board of Signet Bank.

About Merito Partners
Merito Partners is Latvia’s leading investment firm, managing more than 20 investment funds and projects in the fields of sustainable energy, specialized real estate, and long-term (evergreen) investments, with a total value exceeding 150 million euros. 220 private and institutional investors in Latvia have invested their funds in Merito Partners’ funds. More information about the investment strategies implemented by Merito Partners is available here.