Signet Bank, a local bank focused on providing sustainable financing to Latvian entrepreneurs and businesses, has granted financing of EUR 5,850,000 to SIA Ventspils Saules Parks for the development of a green energy project. The financing will be used to construct a solar park and establish a battery energy storage system (BESS) on a 12-hectare site located at 1 Krasta Street in Ventspils. 

As part of the project, a solar power plant will be built with a solar panel capacity of no less than 10 MW, along with an energy storage system with a capacity of at least 20 MWh. The battery system will enable the storage of generated electricity and its delivery to consumers during periods when electricity shortages occur in the power grid. 

“Renewable energy generation combined with storage capabilities is an effective way to strengthen Latvia’s energy independence and, in the long term, also help reduce electricity costs for consumers. Securing financing is a critically important component in projects of this type and scale. Signet Bank has proven itself to be a financial partner that is willing to support innovative ideas and collaborate with local entrepreneurs, while maintaining a professional and results-oriented approach,” commented Kaspars Rāzna, Member of the Management Board of SIA Ventspils Saules Parks. 

“Signet Bank is pleased to support companies that implement economically sound and sustainable development projects in Latvia. SIA Ventspils Saules Parks is an ambitious local company planning to introduce new technological solutions and contribute to the development of a sustainable business environment in the region. Renewable energy projects that incorporate energy storage solutions are an essential component of building a stable and flexible energy system. Such projects contribute both to increased local electricity generation and to system resilience in the face of demand fluctuations,” noted Ineta Done, Member of the Management Board of Signet Bank.