Byhmgard’s project company SW Power SIA has signed a loan agreement with Signet Bank for a project loan of just over EUR 3.0 million. The loan covers half the financing of our first owned battery storage plant in Riga, with a total investment of approximately EUR 6.1 million.
The other half is financed through our subsidiary Byhmgard Invest AB, supported by the financing agreement we announced in March.
The plant has a 14.99 MW grid connection and around 30 MWh of storage. The building permit is expected in mid-November, the battery systems will be delivered in spring 2027 and commercial operation is planned for the second quarter of 2027.
We are encouraged to see experienced international investors like Byhmgard investing in Latvia’s energy market…” says Ineta Done, Member of the Management Board at Signet Bank.
Thank you to the Signet Bank team for a constructive process.
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