Latvia's Solar Revolution: Luminor Bank Funds 19-MW Project

• Luminor Bank AS partners with Merito Partners to finance a 19-MW solar park in Latvia, set to power 9,500 homes in Cesis and nearby areas.

Luminor Bank AS from Estonia is providing financing for a 19-MW solar photovoltaic park in Latvia, to be constructed by Merito Partners. The bank will co-finance the project with a loan of EUR 6.5 million. The solar park will be located in Cesis, covering 23 hectares of land with over 33,500 PV panels. It is expected to start generating power this summer, with an annual output sufficient to power around 9,500 homes in Cesis and nearby areas.

The project, requiring an investment of nearly EUR 12 million, is part of Merito Fund's plan to invest EUR 50 million in building eight PV parks across Latvia to produce at least 70,000 MWh of electricity annually. Four of these plants are scheduled to be installed this year.

What is Luminor Bank AS's role in financing solar park construction in Latvia?

• Luminor Bank AS is providing financing for a 19-MW solar photovoltaic park in Latvia, to be constructed by Merito Partners.
• The bank will co-finance the project with a loan of EUR 6.5 million.
• The solar park will be located in Cesis, covering 23 hectares of land with over 33,500 PV panels.
• The project is expected to start generating power this summer, with an annual output sufficient to power around 9,500 homes in Cesis and nearby areas.
• The project is part of Merito Fund's plan to invest EUR 50 million in building eight PV parks across Latvia to produce at least 70,000 MWh of electricity annually.
• Four of these plants are scheduled to be installed this year.