The largest solar power station in Kurzeme has been inaugurated in Brocēni by PV Power, a joint venture of energy group AJ Power, BaltCap Infrastructure Fund and alternative investment fund manager AJP Capital, which invested a total of EUR 4.6 million in the development of the solar park. Brocēni solar power plant is located in Saldus Region and has a total capacity of 6.5 MW, it will generate more than 6,000 MWh of green electricity annually. Brocēni solar park has signed a long-term contract for supply of electricity to SCHWENK Latvija, Latvia’s leading manufacturer of building materials, and this is the largest long-term green energy supply contract concluded by a single company in Latvia.

The total area of Brocēni solar park is more than 10 hectares, where 11,520 solar panels with a capacity of 6.5 MW have been set up. Thanks to electricity generated by Brocēni solar power station, CO₂ emissions in the environment will decrease by more than 1,600 tons annually and the company’s impact on the environment will be reduced significantly. By purchasing green electricity from Brocēni solar park, SCHWENK Latvija is contributing to the company’s climate goals.

Roberts Samtiņš, head of AJ Power group of energy companies: “Brocēni solar park is the largest solar power station developed by AJ Power to date and is an example of how companies can efficiently acquire renewable electricity for their production needs. Before construction of the power station began, a contract was signed with SCHWENK Latvija for the supply of fixed green electricity, which proves both its confidence in experience of the AJ Power team and the fact that the company has a clear and sustainable vision for its future development. I am confident that increasingly more companies will follow the example set by SCHWENK Latvija.”

“Using renewable energy is another step towards climate neutrality in cement production and our contribution to reducing the country’s total CO2 footprint,” says Evita Goša, Member of the Board and Environmental and Legal Director at SCHWENK Latvija. “The Brocēni cement plant is already one of the most environmentally friendly ones in Europe, and thanks to steady investments we are continuing to move towards climate neutrality. This solar park will cover around 4.5% of our annual electricity consumption. Considering that the cement plant is one of the largest electricity consumers in Latvia, this represents a significant amount of electricity in terms of MWh and is equivalent to annual electricity consumption of several thousand households.”

Matīss Paegle, BaltCap Infrastructure Fund Partner: “I am pleased that less than 1.5 years have passed since we set up the joint venture to develop solar energy production until today, when we inaugurate the solar power station in Brocēni. This is the first project we have completed out of five that are already in development in other cities across Latvia, which will provide green energy to manufacturing companies at a predictable price in the long term. Unlike many large projects that never make it off the drawing board, this project is already in operation to help companies fix the electricity price without having to invest in capital assets, while residents indirectly benefit from less expensive, greener goods and services.”

The solar park in Latvia is just one of the energy projects currently developed by AJ Power together with alternative investment fund manager AJP Capital and BaltCap Infrastructure Fund. This project not only fosters renewable energy production, but also ensures local capital investment in the country’s energy development and independence.

A total of EUR 4.6 million has been invested in Brocēni solar park, of which EUR 3.55 million is a loan from SEB Bank, EUR 850,000 has been invested by Baltcap Infrastructure Fund, and EUR 200,000 is from Solar Core Plus fund, invested by PV Power Ltd.

PV Power is a joint venture between two funds, Solar Core Plus and BaltCap, and the energy group AJ Power, established with the aim of developing solar energy production in Latvia. Solar Core Plus is a fund established by the alternative investment fund manager AJP Capital. The fund was established in 2022, attracting capital from Latvian investors, with the aim of investing in the circular economy segment, including significant renewable energy generation projects.

About AJP Capital:

AJP Capital is an alternative investment fund manager, registered with the Finance and Capital Market Commission, established in 2021 . A competent and loyal partner who makes investors and circular economy meet, ensuring an offer of versatile investment projects. The managed funds invest in circular economy projects of different risk levels and scale. Among the investment objects, there are such projects and renewable energy projects, infrastructure development and adaptation for circular economy, energy efficiency, as well as investments in the transport sector.

About AJ Power:

"AJ Power" is the leading private group of energy and waste management companies in Latvia, which offers individual solutions for the purchase of electricity and natural gas, solar panel projects, administration of natural resources tax and improvement of energy efficiency. With these modern energy and waste management solutions, "AJ Power" provides the opportunity for companies in Latvia to get involved in the circular economy. "AJ Power" has been operating since 2014, and the turnover of the group in 2022 was 90 million euros.