Luminor Bank funds 19-MW solar project in Latvia

Estonia’s Luminor Bank AS will provide financing for a 19-MW solar photovoltaic (PV) park in Latvia, to be built by a fund owned by domestic group Merito Partners.

The Estonian bank will co-finance the project’s construction with a loan of EUR 6.5 million (USD 7m), it said on Thursday.

The PV plant will be installed in the municipality of Cesis in central Latvia by the Merito Sustainable Energy Fund I. Set to cover some 23 ha (56.8 acres) of land, the complex will be made up of more than 33,500 PV panels and is expected to begin power generation this summer. The future annual output will be enough to cover the consumption of roughly 9,500 homes in Cesis and the surrounding municipalities.

The project is estimated to require almost EUR 12 million in investment. It will be executed as part of Merito Fund’s plan to spend EUR 50 million to build eight PV parks across Latvia to produce at least 70,000 MWh of electricity annually. Four of the proposed plants will be installed this year, the fund said.

(EUR 1.0 = USD 1.078)

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