Niam and Evecon to collaborate on 84 MWp solar-storage projects in Latvia

Swedish real asset investment firm Niam and Estonian renewables developer Evecon have decided to partner in Latvia on the deployment of 84 MWp of solar power generation and 26 MW of energy storage capacity across 11 sites.

Niam Infrastructure will provide equity financing for the construction phase, complemented by project financing from Citadele Banka. Upon completion, the projects will be jointly owned and operated by Niam Infrastructure and Evecon, a joint press statement said on Wednesday.

The collaboration will be carried out in phases.

The first batch of solar projects -- six sites with a combined capacity of 40 MWp -- is already under construction. These facilities are expected to be switched on at the end of March 2025.

The second phase will see the installation of 44 MWp of solar power capacity across five additional sites. Construction works are scheduled to start before the end of 2024.

The two partners will consider various offtake strategies for the assets, including power purchase agreements (PPAs).