AJP Capital announces closing of its first solar core plus fund; Signet Bank – leading investor

In October of this year, AJP Capital’s Solar Core Plus fund has been closed, reaching the required number of investors. Together with partners, the fund will develop industrial-scale solar energy parks in the Baltics with a total target capacity of over 50 MW, which will require more than 75 ha of land covered with solar panels.

Investments in renewable energy are particularly important in the context of EU member states’ efforts to reduce energy dependence and global efforts to combat the looming negative effects of climate change. The Solar Core Plus Fund is the beginning of AJP Capital’s and investors’ investment in these energy independence and sustainability efforts. It is the first of the renewable energy and circular economy funds that AJP Capital plans to launch in the future.

We are grateful to our investors for deciding to pursue sustainable investments through our fund. We are especially excited that Signet Bank has joined the fund as the lead institutional investor, providing not only their financial contribution, but also giving us an opportunity to use the bank’s experience in attracting and structuring financing.

Didzis Bērziņš, Managing Partner of AJP Capital

In a situation where significant renewable energy capacities need to be built quickly in the Baltic States, the availability of capital will play a decisive role. We believe in both sustainable energy solutions and the professionalism of the AJP Capital team in this area. Therefore, we support the fund both with our investment and with the bank’s expertise in attracting capital for business projects.

Signet Bank AS board member Sergejs Zaicevs

The first fund brings together investors from Latvia who want to encourage the production of renewable energy and the investment of local capital in the development of the country’s energetic independence. AJP Capital is currently actively evaluating projects for the first fund and starting to outline the project timeline for the second fund.

About AJP Capital

AJP Capital is an alternative investment fund manager established in 2021 and registered with the Financial and Capital Market Commission of Latvia. The investment funds managed by AJP Capital invest in renewable energy and circular economy. Investment projects under consideration include energy generation from renewable sources, infrastructure development and adjustment to the circular economy, energy efficiency, and sustainable transport.

Signet Bank was founded in 1991 and is one of the first banks of independent Latvia. The Bank’s strategy focuses on servicing local entrepreneurs and their businesses, with a particular emphasis on the capital management. Since 2021, Signet Bank has provided clients with financing in the amount of almost EUR 500 million in the form of loans and bonds. Signet Bank’s shareholders are nine Latvian and international private investors, the largest of which are: Signet Acquisition III (25%), where the only shareholder is the US investor Alexander Solovey; AS RIT Group (19.50%) – a Latvian company owned by Rapoport family, and SIA Reglink (15.93%), whose founder Irīna Pīgozne is a banking professional.