2022, December 22
SEB Banka has granted a loan worth EUR 3,700,000 to energy group AJ Power for construction of an industrial-scale solar energy park in Broceni (Latvia). The project provides for installation of 11,520 solar panels on a land plot of 12.95 hectares. The green energy generated by the solar energy park will be used by construction materials producer SCHWENK Latvija.
Solar panels with a total capacity of 6.33 MW will be installed in the solar park, generating about 5,500 MWh of green energy a year. The power generated by the solar energy park equals to energy consumption of more than 2,500 households a year.
“It is important for us to look for opportunities to promote Latvia’s energy development. This year, actively working on implementation of several large-capacity solar energy projects, I can confirm that the recent situation only proves again that solar energy in Latvia has a huge potential. Implementation of such industrial solar power plants has never been as important for our national economy and its future as now. During these years we have accumulated successful experience and we invite those who are interested in development of industrial solar power plants, turn to us because we will be able to offer solutions for implementation of this idea,” said Roberts Samtiņš, the CEO of AJ Power group.
By implementing this renewable energy project, CO2 emissions will be reduced by 1,663.19 tons which equals 75,645 planted trees.
“At the time when the question about energy independence is especially urgent, we are happy to support company investments in development of sustainable projects, including transition to more sustainable energy sources. Overall, as our observations and SEB survey data show, the number of Latvia’s large companies who are considering their impact on the environment is growing (from 51% last year to 69% this year), as well as the number of companies who plan to make investments in sustainability (42%),” said SEB Banka board member Ints Krasts.
“We believe that use of renewable energy should be promoted in Latvia, and this project is our investment in reducing the country’s overall CO2 footprint,” said SCHWENK Latvija board member and SCHWENK Northern Europe CEO Reinhold Schneider. “Sustainability and as careful attitude to the environment as possible are our priorities since the company was established. Broceni cement plant already now is one of the most environment-friendly plants in Europe and with constant investments we are continuing our path towards the climate neutrality goal. The planned solar energy park next to our plant will ensure 4-5% of our annual power consumption.”
Significant improvements are being introduced in the territory of the solar park – the land plot is cleared off, the melioration system is being built and the surface is being levelled, which is necessary for good quality and sustainable operations of the project. The solar energy park is expected to be put into operation in the summer of 2023.
About SCHWENK Latvija
SCHWENK Latvija is the leading construction materials producer in Latvia, offering its clients high-quality cement, concrete and mineral materials. The production takes place in the only in Latvia and one of the most modern cement plants in Europe, located in Broceni, several concrete plans and mineral materials quarries in Latvia. The company is a part of German SCHWENK Building Materials Group, employing about 350 people in Latvia.
*SEB Banka conducts a survey of the financial directors of the largest Baltic companies once a year, asking about their forecasts about business environment, challenges and other questions. The survey was conducted in September 2022, polling 255 companies from Latvia, Lithuania and Estonia, with an annual turnover over EUR 20 million.
Industrial solar power plants
