Rietumu Banka grants a million euros to the solar power plant in Aiviekste parish – Market news

Rietumu Banka has allocated one million euros for the development of SIA “Spridzēnu HES” solar energy park and hydroelectric power plant in Aiviekste parish.

The solar panels of the new “green” power plant with a total capacity of 1.5 MW and a production capacity of 1.2 MW are located next to one of Latvia’s hydroelectric power plants, located on the Aiviekste river. Therefore, the ways of obtaining energy in this place will be diversified and its extraction will be significantly increased.

Rietumu Bank has provided the necessary refinancing for the future successful operation of this solar energy and HPP project.

“Spridzenu HPP is an example of how to develop the company’s operations by judiciously supplementing different types of energy production. This is the way Latvia can significantly strengthen its energy independence, while introducing new and nature-friendly ways of its extraction. This industry is developing rapidly, it is focused on the future and fully complies with the principles of Rietumu Bank’s sustainability philosophy. We are pleased to have already supported the implementation of several of the largest solar park projects in the country and continue to expand this line of activity,” commented the cooperation Rietumu Banka’s board chair Jelena Buraja.

When choosing the location of a new solar park, a crucial aspect such as seasonality, which is characteristic of renewable energy production, was taken into account. Sunlight, like the water level in rivers in Latvia, is drastically different in different seasons, therefore the solar park will organically supplement the HPP potential of the existing river.

The average production of the hydroelectric power station, which, taking care of the surrounding environment, has also built its own fishway, exceeds 5,000 MWh per year. On the other hand, the planned development of solar electricity is 1000-1500 MWh per year.

“The implementation of the project is formally often considered completed with the completion of the construction works. However, in reality, it is usually just the beginning for companies, and it is the further action that shows whether the investments made will be able to justify themselves. Rietumu Banka delved into the essence of the project, evaluated what has been done so far, and also heard and understood our need to refinance existing obligations in order to further strengthen the company,” he says. Māris Štrombergs, member of the board of SIA “Spridženu HES”..

SIA “Spridzenu HES” started its operation in 2002 and twenty years later, in 2022, a decision was made to promote the development of green energy and expand the company’s operations by building a solar energy park. Construction works for the implementation of the project were completed already in 2023.

About Rietumu Banka

Rietumu Banka is the largest Latvian capital bank and one of the largest banks in the Baltic region. The bank’s activity is focused on serving large and medium-sized companies and wealthy individuals in Latvia, as well as other Baltic and European countries. The bank’s clients are companies working in industries such as green energy, food and goods production, commercial and residential real estate development, construction, import and export transactions, logistics, trade, financial services, technology, etc.

Rietumu Banka