New PV and Energy Storage Projects in Latvia
Swedish company Niam and Estonian developer Evecon will implement projects with a total capacity of 84 MWp of solar energy and 26 MW of storage in 11 locations across Latvia.
A Case of Energy Transformation in Latvia
Swedish investment firm Niam and Estonian developer Evecon have formed a partnership to implement solar energy and energy storage projects in Latvia. Under this collaboration, a total capacity of 84 MWp of solar energy and 26 MW of storage will be installed across 11 designated locations. The project is being funded by both Niam Infrastructure’s own capital and a project fund provided by Citadele Banka.
Construction and Energy Management
The collaboration between Niam and Evecon will be carried out in stages. The first phase, currently underway, involves the construction of solar installations with a capacity of 40 MWp at six locations. Completion and commissioning of these systems are planned for March 2025. The second phase will see the construction of five additional facilities, with a total capacity of 44 MWp, starting before the end of 2024.
Both companies plan various strategies for selling the generated resources, including long-term power purchase agreements (PPAs). These models aim to ensure stable income and increase the investment attractiveness of the projects.
Investing in the Future
Through its Niam Infra Fund, Niam has been investing in sustainable infrastructure for years, with a focus on developing large-scale energy projects that positively impact society and the environment.
As company representatives emphasize, these efforts aim to accelerate the global energy transition. The partnership with Evecon in Latvia is another step in Niam’s strategy to develop renewable energy on a large scale, both in the Nordic countries and in other regions of Europe. Already implemented initiatives include partnerships with companies like Solkompaniet, a Swedish firm specializing in large-scale solar farms, and Solarwork, which offers comprehensive photovoltaic solutions for commercial clients. In collaboration with Solkompaniet, Niam plans to develop solar parks with a total capacity of 500 MW in southern Sweden.
Source: renewablesnow.com