BaltCap invests in solar energy generation in Latvia to enhance the energy independence in the Baltics

BaltCap Infrastructure Fund, AJ Power group and AJP Capital’s Solar Core Plus Fund have signed an agreement to establish a joint venture to develop solar energy generation in Latvia. 30 MW solar farms will be built over the next three years. The plan also foresees expansion across the Baltics and increasing the capacity of the solar plant portfolio to 100 MW.

Matīss Paegle, Investment Director at BaltCap, says: “In this project, we are joining forces with AJ Power – the largest private PV developer in Latvia. This investment will contribute to both Latvia’s energy independence and the achievement of the sustainability goals. Green energy is our future, which means not only environmentally sustainable operations, but it also has a real economic basis.”

Roberts Samtiņš, the CEO of AJ Power group, says: “In Latvia, solar energy has become one of the most attractive investments in the market. Due to several circumstances, now is the best time for implementation of such large-scale solar parks: first of all, it is the European Green Deal, second, the rapid increase in energy prices and, third, the need to reduce Latvia’s dependence on energy supplied from third countries. The recent situation has only reaffirmed the need for such projects to diversify production capacity and stabilise electricity costs in the long term, preventing uncontrolled increases in electricity prices. This is also confirmed by the fact that in recent years we have already implemented many significant solar panel projects in Latvia, which serve as excellent examples of the great potential of solar energy.”

Didzis Bērziņš, Member of the Council at AJP Capital, adds: “We are thrilled to announce a joint venture among Solar Core Plus fund, BaltCap infrastructure fund and AJ Power in developing industrial scale photovoltaic electricity generation parks throughout Latvia and beyond. Today the initiative is especially important in the context of EU member state efforts to reduce energy dependency and in the context of the world’s efforts to counter looming negative effects of the climate change. The joint initiative will bring together extensive experience in renewable energy project development, large scale infrastructure project financing experience and determination for success.”