RIGA, Feb 25 (LETA) - Citadele Bank has granted a EUR 9.1 million loan to company kWp 1 for the development of two hybrid solar and battery parks in Ogre and Limbazi municipalities, the bank informed LETA.

The two parks have a total storage capacity of 42 megawatt hours (MWh) and are among the largest projects currently under way in Latvia.

The bank explains that battery energy storage systems (BESS) are a modern solution for electricity storage and help smooth the so-called "duck curve" in electricity consumption. They allow self-generated electricity and electricity that has been over-generated to be stored and used later when demand exceeds renewable electricity production, for example, in the morning and evening hours.

Ozoli 1 solar park is located in Tinuzi county, Ogre municipality, and covers an area of eight hectares, with more than 11,500 solar panels installed. It has a generating capacity of 10 MW and a storage capacity of 27.5 MWh.

Miebolti solar park, which sits on a five-hectare site in Salacgriva county, Limbazi municipality, will have more than 6,000 solar panels and will be completed in the coming months. The solar park has a production capacity of 5 MW and a storage capacity of 15 MWh.

kWp 1 Chief Financial Officer Bernhards Malinovskis explains that the solar parks are designed to meet electricity consumption needs of Latvia and the Baltics, while decentralizing electricity production, promoting the region's energy self-sufficiency and reducing dependence on fossil fuel-fired thermal power plants. The batteries improve security of electricity supply for residents in the event of disruptions to the region's power grid.

Total investment in the project exceeds EUR 14 million.

As reported, according to preliminary data the profit of Citadele Bank was EUR 72.72 million in 2025.

Citadele is the third largest bank in Latvia by assets. Its bonds are listed on Nasdaq Riga. At the end of 2025, Citadele's largest shareholders were RA Citadele Holdings, owned by Ripplewood Advisors, and the European Bank for Reconstruction and Development.

In 2024, kWp 1 operations did not generate any revenue, while the company's losses amounted to EUR 154,022.

The company was registered in 2022 with a share capital of EUR 1,902,800. The company is owned by KL Systems, which belongs to Juris Velkers.