AJP Capital’s Solar Core Plus Fund, BaltCap Infrastructure Fund and AJ Power group have signed an agreement to establish a joint venture to develop solar energy generation in Latvia. 30 MW solar farms will be built over the next 3 years. The plan also foresees expansion across the Baltics and increasing the capacity of the solar plant portfolio to 100 MW.

Didzis Bērziņš, Member of the Council at AJP Capital adds: “We are thrilled to announce a joint venture among Solar Core Plus fund, BaltCap infrastructure fund and AJ Power in developing industrial scale photovoltaic electricity generation parks throughout Latvia and beyond. Today the initiative is especially important in the context of EU member state efforts to reduce energy dependency and in the context of the world’s efforts to counter looming negative effects of the climate change. The joint initiative will bring together extensive experience in renewable energy project development, large scale infrastructure project financing experience and determination for success.”

Matīss Paegle, Investment Director at BaltCap says: “In this project, we are joining forces with AJ Power – the largest private PV developer in Latvia. This investment will contribute to both Latvia’s energy independence and the achievement of sustainability goals. Green energy is our future, which means not only environmentally sustainable operations, but it also has a real economic basis.”

Roberts Samtiņš, the CEO of AJ Power group says: “In Latvia, solar energy has become one of the most attractive investments in the market. Due to several circumstances, now is the best time for implementation of such large-scale solar parks: first of all, it is the European Green Deal, second, the rapid increase in energy prices and, third, the need to reduce Latvia’s dependence on energy supplied from third countries. The recent situation has only reaffirmed the need for such projects to diversify production capacity and stabilise electricity costs in the long term, preventing uncontrolled increases in electricity prices. This is also confirmed by the fact that in recent years we have already implemented many significant solar panel projects in Latvia, which serve as excellent examples of the great potential of solar energy.”

About AJP Capital:

AJP Capital is an alternative investment fund manager established in 2021 and registered with the Financial and Capital Market Commission of Latvia. AJP Capital involves investors into the circular economy by providing a versatile offer of investment opportunities. The investment funds managed by AJP Capital invest in circular economy projects of varying risk and scale. These investment projects include energy generation from renewable sources, infrastructure development and adjustment to the circular economy, energy efficiency, and transport.

About BaltCap:

BaltCap is the largest and most experienced private equity investor in the Baltic states. BaltCap focuses on building businesses that increase the quality of life in our societies. BaltCap Infrastructure Fund targets investments contributing to mitigating climate risks. BaltCap has a strong presence in all three Baltic countries with local offices and experienced investment teams in Tallinn, Riga, Vilnius, Warsaw, Helsinki and Stockholm.

About AJ Power:

AJ Power, the largest Latvian private energy group, was established in 2014. AJ Power offers integrated energy services: sales of electricity and natural gas, implementation of energy efficiency and solar panel projects, as well as a system for managing the Natural resources tax. With its energy and waste management solutions, AJ Power gives businesses an opportunity to join circular economy. In 2020, the turnover of AJ Power group was EUR 70 million.