The 20 million euro investment fund was set up to develop an ambitious project by by local
investors and entrepreneurs and to build nine solar power plants in Latvia. The total capacity of
all solar parks is expected to exceed 66 MW.
 
"The solar energy projects implemented in Latvia in recent years show that solar energy has
great potential, but we are still significantly behind other EU countries in solar energy generation.
With this investment, we will help to promote the development of local infrastructure for green
energy, while strengthening the country's energy independence with home-grown capital. Balcia
is the first institutional investor in the project and our investment is an essential part of the capital
needed to make this sustainability project a reality," says Jānis Lucaus, the CEO of Balcia.
 
The solar power project will be one of the most ambitious green infrastructure projects in the next
two years in Latvia. At least seven plants with a total capacity of 55 MW are expected to be
commissioned in Latvia's regions by the end of this year, and the remaining two in first half of
2024. The new solar power plants will generate at least 70,000 MWh of electricity per year,
supplying more than 35,000 households across Latvia with green energy.  
 
"Investments by private investors have demonstrated the potential for green and sustainable
investment returns, and we are pleased that experienced investors such as Balcia believe in
it. We will continue to work to attract financing to provide clean energy and promote energy
independence in Latvia. Using investors' equity and bank co-financing, the first solar power
plants will be commissioned in Zilupe and Valmiera, and in the second half of the year - in five
more places in Latvia." informs Mikus Janvars, managing partner and co-founder of Merito.
 
Almost 40 Latvian investors have invested in the fund so far. Fundraising continues actively, with
new investors joining Merito Sustainable Energy Fund I every month. Overall, Merito will invest
€50 million in Latvia's economy through equity investment and bank co-financing for the
construction of nine solar power plants.  
 
About Balcia
Balcia is an insurance technology company with local capital and experience in international
markets. In 2020, the company underwent a major transformation, introducing a new business
strategy and brand identity, positioning itself as an insurer focused on new, modern solutions and
automation innovations, including becoming the first online insurer to offer the option to
subscribe, change or cancel the insurance. In 2022, the Balcia brand had a successful launch in
the Latvian market, thus expanding its geographical reach in Europe.
 
About Merito
Merito Partners is a growing private investment company operating in Latvia and the New
Nordics. Currently it focuses on private equity and renewable energy investment strategies on
behalf of local investors. Merito Management AIFP, 100% owned by Merito Partners, is
registered with the Bank of Latvia as an alternative investment fund manager.
 
Additional information:
 
Kristiāna Valbe-Uzrauga
The Balcia brand Activation Manager

M. +371 20305199, e-mail: Kristiana.Valbe-Uzrauga@balcia.com
 
Agnese Ruberte
Merito Partners communications consultant
M. +371 29337759, e-mail: pr@meritopartners.com