Merito Partners opens the largest solar power station in Latvia up to date

In early August the largest solar power station up to date in Latvia has been built in Valmiera region. It will supply almost 4,000 households with electric power. The owner of the power plant is Latvian investment company Merito Partners, which contemplates installing eight major-scale solar power plants in total by investing around 50 million euros in green energy projects. Ellex provided legal advice to Merito Partners with regard to establishment of a structure of alternative investment funds, registration thereof and other matters.

In July 2023 Merito Partners along with renewable energy project developer Saules Energy opened a solar power plant in Zilupe which will provide power to at least 1300 households. All eight solar power plants developed by Merito Partners will be capable of generating at least 70 thousand MWh of electricity per year supplying green energy to more than 35 thousand households in various regions of Latvia. It is contemplated to commission four other power plants by the end of this year, and yet another two – in 2024.

“We are delighted to provide legal assistance to a Latvian investment company which invests in a sector of such major importance for our country as the green energy production. It concurrently facilitates the energy independence of Latvia, as well as provides electricity production in different regions of Latvia. Ellex experience in the investment and energy sectors allows to offer a comprehensive range of legal services that promotes accomplishment of the goals set by our business partner,” comments Ivars Pommers, Partner of Ellex in Latvia.

100% subsidiary of Merito Partners – Merito Management AIFP – is an alternative investment fund manager regulated by the Bank of Latvia. Merito Partners currently focuses on two investment strategies – private equity and sustainable energy. Merito Partners harmonizes its interests with those of ambitious entrepreneurs and supports portfolio companies in order to achieve sustainable growth, excellent performance and leading positions in the market.

Merito Partners was advised by a team of experts from Ellex in Latvia headed by Partner Ivars Pommers and advised by Marta Cera, Zane Bule-Mitka, Kristers Toms Losāns, Eduards Dzintars, Marats Golovkins, Ineta Kaņepe and Niklāvs Zieds, who provided their dedicated contribution.