Rietumu Banka grants 4.9 million euros for a solar park in Gulbene municipality

3 June 2025, 11:00

Rietumu Banka provided a loan of 4.9 million euros to SIA CE Solar Gulbene, controlled by Clean Energy Infrastructure Fund, a closed-end investment fund for informed investors managed by Envolve Capital. Financing is intended for the construction of the “Lejas Dibeniņi” solar power plant. The power plant will be located in Beļava parish, Gulbene municipality, and its total generation capacity will be 15.1 megawatts (MW).

To enhance energy generation efficiency, the new solar plant will incorporate innovative solutions, including the installation of advanced bifacial solar panels on single-axis tracker mounting structures, which allow for increased sunlight capture. The solar park is expected to produce more than 17 gigawatt-hours (GWh) of electricity annually.

“Supporting renewable energy projects is a strategic priority for our bank. In recent years, we have provided funding for the construction of several large solar parks, and a new power plant in Gulbene is another evidence of green energy active development in Latvia. This is a promising business area offering impressive growth opportunities and export potential. Moreover, such projects boost the economic development of our country and its regions. It is a great pleasure for us to support those, thus furthering the application of modern and sustainable solutions,” said Artūrs Jukšs, Member of the Board and Head of the Lending Department of Rietumu Banka.

“Latvia, and the Baltics region in general, offer substantial opportunities in the field of renewable energy, and their maximum advantage is yet to be taken. Therefore, we see a significant growth potential for the region, and this project is a part of a broader strategy aimed at increasing the share of renewable energy in the overall power supply in the Baltics. We truly appreciate the cooperation with Rietumu Banka, as it combined both the provision of necessary funding and the understanding of our long-term approach,” said Povilas Peciulis, CEO of Envolve Capital.

Currently, the construction of “Lejas Dibeniņi” solar park is underway, and the power plant is supposed to be commissioned by the end of 2025.

The project implementation is carried out within the operations of Clean Energy Infrastructure Fund managed by Envolve Capital. Clean Energy Infrastructure Fund is a closed-end investment fund for informed investors focusing on long-term investments in renewable energy infrastructure in the region.


About Envolve Capital

Envolve Capital is a licensed and regulated investment fund management company focusing on energy transition in Poland, the Baltic states, and other Central European countries. It is a part of international Modus Group, which operates on 11 European markets. To date, Envolve Capital has established four renewable energy infrastructure funds, with capital commitments from investors exceeding 170 million euros.
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