Investment fund Niam Infrastructure and Estonian energy company Evecon have formed a partnership for the construction of up to 84 MWp of solar power and 26 MW of energy storage across 11 project sites in Latvia.
The first batch of solar projects, which includes approximately 40 MWp spread across six solar sites, is already under construction, with commissioning planned for the end of March 2025. The second phase, encompassing approximately 44 MWp across five additional sites, is scheduled to begin construction before the end of 2024.
“We are thrilled about the opportunity to advance Baltic renewable energy in partnership with Niam Infrastructure. This collaboration is a perfect fit, combining Evecon’s strong presence and experience in the Baltics with Niam’s proven track record in infrastructure investments. This partnership enables us to strategically explore and develop new opportunities across the Pan-Baltic region,” commented Gatis Lazda, CEO of SIA Evecon.
GOOD TO KNOW
Evecon is an Estonian energy company whose main activity is the construction of wind and solar parks in Estonia, Latvia and Lithuania. By now, Evecon has completed renewable energy development projects with a production capacity of 59 MW. Additionally the company has 850 MW of active solar electricity projects and 900 MW of wind projects under development in Estonia, Latvia and Lithuania, which will be connected to the electricity grid by the end of 2026 and 2027.
In addition to the solar projects, the partnership will actively pursue energy storage opportunities, initially focusing on the development of 26 MW of storage capacity connected to the solar sites. Various offtake strategies will also be explored, including power purchase agreements, to maximize the value of the generated energy.
Evecon and Niam Infrastructure have made an investment in solar energy
Niam Infrastructure, which focuses on sustainable investments in renewable energy, transport, and telecom across the Nordic and Northern European regions, will provide equity financing for the construction phase, complemented by project financing from Citadele Banka. Upon completion, the projects will be jointly owned and operated by Niam Infrastructure and Evecon.
“We are pleased to support the development of green infrastructure projects in Latvia, as these initiatives are crucial for driving the Baltic region toward a sustainable and energy-independent future,” said Vaidas Žagūnis, Member of the Management Board, Chief Corporate Commercial Office at Citadele Banka.
Are you interested in trading with Estonia? Enterprise Estonia is providing sourcing services for foreign enterprises. Contact Estonian export advisors or use our free e-consulting service to start trade with Estonia.
