PRESS RELEASE
11 SEPTEMBER 2024
Niam Infrastructure and 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. This collaboration represents a substantial investment in the region’s renewable energy sector, highlighting the strong growth potential of the Latvian market.
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.
Sverker Åkerblom, CEO of Niam Infrastructure, commented on the investment:
“We are very excited to partner up with Evecon for the deployment of solar energy and storage in the growing Latvian market. We have been following Evecon and the broader Baltic market for a long time and are impressed with Evecon’s capabilities and expertise as well as the development of the Latvian energy market. We look forward to work closely with Evecon and jointly realise these projects and leverage on the evolving opportunities in Latvia.”
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.
Niam Infrastructure 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.
Gatis Lazda, CEO of SIA Evecon commented on the investment:
“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.”
Vaidas Žagūnis, Member of the Management Board, Chief Corporate Commercial Office at Citadele banka:
“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. By investing in these projects, we are not only fostering economic growth but also demonstrating our commitment to responsible and environmentally conscious financial practices that will benefit both the economy and the environment for generations to come.”
This operation benefits from support from the European Union under the InvestEU Fund.
About Niam Infrastructure
Niam Infrastructure focuses on sustainable investments in renewable energy, transport, and telecom across the Nordic and Northern European regions. Its first fund targets small to medium-sized investments, with an emphasis on asset aggregation and risk reduction in sustainable infrastructure. Supported by the European Union under the InvestEU Fund, Niam Infrastructure leverages innovation, deep expertise, and close partnerships to promote a greener and more sustainable future.
About Evecon
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. Evecon produces green energy for a cleaner future.
