OP Corporate Bank plc has co-financed the largest battery energy storage system in Latvia
With co-financing granted by OP Corporate Bank plc Latvian branch, the largest wind energy producer in Latvia, SIA Utilitas Wind, has opened the first large-scale battery energy storage system (BESS) in Latvia. The total investment of the project is EUR 7 million.
"We are pleased to co-finance a project that is strategically important not only for the customer but for the entire energy industry, as the installed system will provide the necessary capacity in the Baltic balancing reserve market, which will be particularly important with the disconnection of the Baltic states from the BRELL network. It is worth noting that we started our cooperation with the company already in 2021, when with our green co-financing the construction of the Targale wind park started. Therefore, we are truly happy to continue supporting the company in its development and growth," says Elmars Priksans, General Manager of OP Corporate Bank plc Latvian branch.
The battery energy storage system will be connected to Latvia's power transmission system this year, supporting the development of Latvia's energy supply.
"This is a historic moment in Latvia's modern energy industry. We have been actively working on this project for two years, and we are proud to contribute to strengthening Latvia's energy security. We are also ready to continue contributing to the development of the energy supply system in line with future challenges," says Renars Urbanovics, Board Member of SIA Utilitas Wind.
The installed battery system will provide energy storage to deliver the generated electricity to users during times of electricity shortage in the power system.
"Alternative energy sources such as wind and solar are dependent on weather conditions. If there is strong wind in a particular period, it is likely to be the case throughout the region. As a result, there is an excess of generated electricity. The opposite situation occurs in the case of no wind, resulting in a shortage. However, the installed system provides us with a great advantage - the ability to store 'excess' electricity to compensate for times when it is lacking," adds Renars Urbanovics.
The energy storage battery system opening event took place on 1 November.
About SIA Utilitas Wind
SIA Utilitas Wind is part of the Estonian energy company OÜ Utilitas. OÜ Utilitas Group develops and manages wind parks in all three Baltic states, investing 70 million euros in the development of the Targale wind park. SIA Utilitas Wind's installed electricity capacity in Latvia since the fall of 2022 has reached 78.8 MW, producing 171,000 MWh of electricity in 2023, being capable to cover the electricity consumption of 56,000 households.
About OP Corporate Bank plc's Latvian branch
OP Corporate Bank plc is the central bank of OP Financial Group, Finland's largest financial services provider. We started our operations in Latvia in 2012, and we are currently the fifth largest bank in Latvia in terms of the volume of corporate loans issued. We provide financial services to leading companies in Latvia and play an important role in the long-term development of the country and the entire region.