Latvian insurtech Balcia invests €1M in Merito Partners sustainable energy fund
The Riga-based Merito Sustainable FUND I has received €1 million from the insurance technology company Balcia. The €20 million fund will use the fresh investment to develop nine solar power plants across Latvia.
- Balcia is an insurance technology company that transformed in 2022 into a new brand that offers the option to subscribe, change or cancel the insurance. In 2022, the Balcia was launched in the Latvian market.
- Merito Partners is a private investment company operating in Latvia and the New Nordics and focuses on private equity and renewable energy investments. Among its recent investment was the €1.55 million round for Latvian modular home manufacturer MYCABIN.
- Merito Sustainable Energy FUND I, an investment fund managed by Merito Partners, has a total target size of €20 million to develop solar power plants in Latvia. To date, almost 40 Latvian investors have already invested in the fund.
“The solar energy projects implemented in Latvia in recent years show that solar energy has great potential, but we are still significantly behind other EU countries in solar energy generation. With this investment, we will help to promote the development of local infrastructure for green energy, while strengthening the country’s energy independence with home-grown capital. Balcia is the first institutional investor in the project and our investment is an essential part of the capital needed to make this sustainability project a reality,”Janis Lucaus, the CEO of Balcia.
- At least seven plants with a total capacity of 55 MW will be installed in Latvia’s regions by the end of 2022, and the two more in the first half of 2024. The new solar power plants will generate at least 70,000 MWh of electricity per year, supplying more than 35,000 households across Latvia with green energy.