On 9 September, an agreement was signed between the Freeport of Riga Authority and Lithuanian company SNG Solar for the lease of land in the Spilve Meadows area of the Latvian port.
This deal marks the beginning of a major solar energy project at the port of Riga, which will include the installation of solar panels, the production and storage of renewable electricity, and the development of hydrogen and alternative fuel technologies.
Over the next five years, SNG Solar plans to build a solar power plant with a capacity of 100 MW on 1.77 million square meters, generating approximately 100,000 MWh of green electricity annually. The Spilve Meadows solar park is set to become one of the largest green energy facilities in the Baltics.
“The implementation of projects of this scale and scope reaffirms that our ports are not just berths for cargo handling, but hubs of innovation, production and economic development. Attracting investment in ports shall be our priority and ambition for economic growth,” stated Viktors Valainis, Minister of Economy.
The project will involve the installation of solar panels, connection to a 110 kV power line, and the construction of both a high-voltage and a medium-voltage substation within the future Spilve Industrial Park.
“We are pleased to be part of such an ambitious solar park project, which provides an excellent opportunity to develop this area of the Freeport of Riga. We sincerely hope that our unwavering conviction and belief in the future potential of green energy, as well as our joint efforts in implementing the project, will result in an “energy pearl” for Riga that will be able to supply consumers with clean energy for many years to come,” commented Sergei Badulia, CEO of SNG Solar.
SNG Solar won the land lease auction held by the Freeport of Riga Authority, and the Freeport’s board approved the agreement in early May. The total investment in the solar park is projected to be between US$66 and 88 million.
“The concluded agreement on the lease of land in the Spilve Meadows area of the Port of Riga and the construction of a solar power plant will not only provide greener energy for the port and the port’s stevedores but is also an important step towards the efficient development of the Spilve area and the planned Spilve Industrial Park. With the opening of the door for millions of investments to flow into the Port of Riga, we are simultaneously promoting the production of renewable electricity, progress towards green goals and energy independence, as well as hydrogen and alternative fuel technologies,” said Ansis Zeltiņš, Freeport of Riga CEO.
The port’s plan for the Spilve Meadows area includes developing a technology centre for renewable energy production and storage, as well as hydrogen and alternative fuels, alongside a new industrial and logistics park. Nearly 4 million square meters have been designated for the Spilve Industrial Park, which aims to attract international investors for large-scale logistics and manufacturing ventures.
SNG Solar specializes in the management and development of solar projects, offering comprehensive solutions including supply chain and installation. With a decade of experience, the company has completed major solar projects across the Baltics, Europe, and Central Asia.
The lease agreement stipulates that the land rent consists of two components: a fixed auction price and a percentage of the electricity produced. Specifically, the annual rent is US$233,251, and the Freeport of Riga Authority will receive 2.5% of the total green energy produced, which will be used for maintaining port infrastructure and operations.
