Ellex Klavins has advised Merito Partners on the set up of its first alternative investment fund – the Merito Sustainable Energy Fund I AIF – and on its acquisition and development, together with Saules Energy, of seven photovoltaic power generation projects, two of which became operational in July and August 2023.
According to the firm, the Zilupe solar power plant, launched in July 2023, will provide power to at least 1300 households. The Incukalns solar power plant in the Valmiera region, launched in early August, is "the largest solar power station up to date in Latvia [...] It will supply almost 4,000 households with electric power."
Saules Energy is an engineering and development company developing photovoltaic power generation plants. It is the partner of the Merito Sustainable Energy Fund I AIF in the acquisition and development of the seven power generation plants.
According to Ellex, Merito Partners contemplates installing eight major-scale solar power plants in total by investing around EUR 50 million in green energy projects. The "solar power plants developed by Merito Partners will be capable of generating at least 70,000 megawatt-hours of electricity per year, supplying green energy to more than 35,000 households in various regions of Latvia." Four more projects are expected to launch this year, with another two in 2024.
Back in January, Ellex had also advised on the initial setup and launch of the Merito Management AIFP alternative investment fund structure in Latvia (as reported by CEE Legal Matters on January 18, 2023).
The Ellex team was led by Partner Ivars Pommers and included Associate Partner Marta Cera, Senior Counsels Zane Bule-Mitka and Eduards Dzintars, and Associates Kristers Toms Losans, Marats Golovkins, Ineta Kaņepe, and Niklavs Zieds.