Signet Bank, a leading corporate finance bank providing lending, capital raising, and asset management services to Latvian entrepreneurs and companies, has provided EUR 9.1 million in financing to SIA Jūrmalas SES for the development of a renewable energy project. The financing will support the construction of a solar power plant and battery energy storage system (BESS) alongside the railway corridor between Riga and Jūrmala.
The Jūrmala Hybrid Energy Park will be the largest hybrid energy park in the immediate vicinity of Riga. The project is being developed across a 23-hectare site and will feature nearly 21,000 solar panels with a total installed capacity of 15 MWp, as well as a battery energy storage system with an energy storage capacity of 40 MWh. The solar power plant is expected to generate approximately 16,300 MWh of renewable electricity annually, equivalent to the average annual electricity consumption of approximately 7,600 Latvian households. The electricity generated will be supplied to the national grid, helping meet the electricity needs of the city of Jūrmala.
Combining solar power generation with energy storage will enable more efficient use of the electricity produced by storing energy and supplying it to the grid during periods of higher demand. At the same time, the battery system will enable participation in electricity balancing and frequency regulation markets, providing services to Latvia’s transmission system operator, AS Augstsprieguma tīkls. Such solutions have become particularly important following the synchronization of the Baltic electricity grids with the Continental European power system, as they help maintain grid stability, facilitate the integration of a growing share of renewable energy, and strengthen Latvia’s energy independence.
“Energy storage systems and hybrid power generation solutions are becoming an integral part of modern energy infrastructure. The Jūrmala project is particularly significant because of its scale and location. It will not only help meet Jūrmala’s electricity needs with locally generated renewable energy, but will also make an important contribution to the stability of Latvia’s energy system as a whole. Today, energy security is not only about the ability to generate sufficient electricity, but also about the ability to store it, manage it flexibly, and maintain grid stability. We are pleased that Signet Bank is supporting this project and the development of modern energy infrastructure in Latvia,” says Artūrs Plūme, CEO of Aretis Group, the developer of the project.
The project is located within the Riga metropolitan area, directly adjacent to the railway, on a site designated for future commercial development. Its location demonstrates the potential to integrate modern energy infrastructure into economically active areas, supporting both local renewable electricity generation and the sustainable development of the region. The Jūrmala Hybrid Energy Park is scheduled to become operational in November 2026.
“Energy infrastructure is one of the most important areas of investment for Latvia’s sustainable growth. We are seeing a growing willingness among businesses to invest in modern renewable energy and energy storage technologies, and Signet Bank’s role is to provide financing for economically viable investment projects that contribute to the development of Latvia’s business environment and infrastructure while strengthening the country’s energy independence. The Jūrmalas SES project represents an important investment in the flexibility of Latvia’s energy system and its ability to make more efficient use of renewable energy resources,” says Ineta Done, Member of the Management Board of Signet Bank.
