2022, August 30
This summer, the Bank of Latvia in cooperation with the energy company group AJ Power successfully completed work on another solar park project. The project is a part of the sustainability strategy of the Bank of Latvia, providing for well-weighed electricity consumption. As part of the project, 384 solar panels with the total capacity of 142 kW were installed, generating 126,660 kWh of green energy annually. Installation of these solar panels will help to reduce CO2 emissions in the atmosphere by 49.71 tons per year, which equals 2,260 planted trees.
It is planned that the green energy generated by the solar park will cover 8% of the annual energy consumption of building of the Bank of Latvia Riga branch. The total investments in the project are EUR 124,154, and the solar panel system will be paid off in about four years (at the current electricity prices).
Roberts Samtiņš, the CEO of AJ Power group: “The Bank of Latvia as a state institution is serving as an example not only in words, but also in deeds. Continuing to actively introduce sustainable solutions in the energy sector, when energy resource prices keep rising, investments in renewable energy provide for a significant long-term benefit. It is positive that in three years this is a second solar panel project, thus, the overall solar panel power generation capacity will considerably reduce the Bank of Latvia energy costs and promote energy independence.”
Dzintars Jaunzems, Bank of Latvia expert in climate change, advisor to the Monetary Policy Department: “Broader use of solar energy is one of the measures the Bank of Latvia is implementing in the area of sustainability, energy efficiency and renewable energy. The first solar energy project was implemented already in 2018 when introduction of alternative energy sources in corporate sector was still making “baby steps” and energy prices were comparatively low. The new global challenges in the climate area, as well as Russia’s attack on Ukraine resulted in a significant energy price hike, changing public awareness of the role of the renewable and environmentally friendly energy resources, their opportunities and advantages. We will not stop at these achievements, but we will continue the work in the climate area – by changing our everyday habits, introducing technologically complicated, but environmentally friendly solutions, and promoting transition of the financial sector in the direction of climate-neutrality.”
The building of the Bank of Latvia Riga branch was unveiled in 2002, but in 2018 a modernization project was implemented, building a solar panel power plant on its roof, thus, promoting the object’s energy independence, the ability to operate autonomously, reducing the everyday maintenance costs, and ensuring consumption of environmentally friendly solar energy. This solar power plant started operations in early 2019, and initially the planned pay-off period was about 20 years. However, with the current energy prices, it has reduced to 12-13 years, without attracting external support or co-funding.
This year’s project helps to more than double the share of solar energy in the overall energy consumption of the Riga branch of the Bank of Latvia and, at the same time, focus on more considerate energy consumption and energy efficiency measures. The overall share of electric energy generated by solar panels (adding up power generation of the first and second solar panel projects) is planned to reach 14% of overall power consumption in the building. The Bank of Latvia solar park is a proof that it is possible to find solutions and allocate a place for installation of solar panels on land even in the centre of the city.
The Bank of Latvia plans in sustainability area have been published in the strategic document approved in 2021: https://www.bank.lv/par-mums/ilgtspejiba. The Bank of Latvia main key areas of action are sustainable monetary policy, sound and sustainable financial system, data collection and processing, sustainable cash circulation, management of foreign reserves and other financial investments, social responsibility policy and analytical work, sustainable institution. In its activities, the Bank of Latvia complies with environmental protection standards and facilitates, to the extent possible, circular economy practices.
The Bank of Latvia conducts a number of tasks important for every resident, financial market and the society in general. Among other tasks, the bank cooperates in preparing and implementation of the monetary policy of the euro area, manages foreign reserves and other financial investments, issues cash in Latvia and consults the Saeima and the Cabinet of Ministers of the Republic of Latvia in relation to monetary policy and other issues related with the Bank of Latvia operations. The Bank of Latvia develops the macroeconomic and financial analysis and research, thus, creating a stable foundation for the work in this area. The role of the sector’s leading expert helps the Bank of Latvia to promote public awareness of development of the national economy and monetary system, the current situation, and the economic policy. The Bank of Latvia is actively engaged in economic education of the society, and since January 1, 2022, it is Latvia’s national coordinator in financial literacy.
Solar energy for business
