Rietumu Banka provided KNESS Baltic, a company operating in the renewable energy sector, with a credit line of 4 million euros, as well as an additional guarantee limit of 1 million euros.
The funds are intended for the creation of solar power plants and battery energy storage systems (BESS), as well as for fulfilling contractual obligations related to the implementation of these projects.
The credit line provided by the bank is also secured by guarantees from the Financial Instruments Development Institute ALTUM in the amount of 3.2 million euros from EU funds. Thus, KNESS Baltic receives flexible working capital financing, allowing for effective planning of work execution and resource attraction.
Using the Rietumu Banka credit line, projects for the installation of solar parks and BESS systems are being implemented in various regions of Latvia, which allow for the storage and subsequent use of the generated green energy, thereby increasing the efficiency and flexibility of production.
In turn, the guarantee limit ensures the fulfillment of contractual obligations and is an important component of financing renewable energy projects. This allows KNESS Baltic to provide customers with financial guarantees during project implementation, including advance payment guarantees, performance guarantees, and others, which contributes to the timely implementation of projects and increases partner trust.
Since 2023, when KNESS Baltic began operations in Latvia, the company has implemented 13 solar power plant projects with a total capacity of 143 MW. Among them are the projects "Macīši", "Rempi", "Dundaga", "Viļaka", "Dobele", "Valdemārpils", and others.
"The development of renewable energy is one of the key factors in strengthening a sustainable economy and energy independence. By providing a credit line and a guarantee limit, Rietumu Banka has ensured KNESS Baltic with a flexible financial solution that allows for the simultaneous implementation of several technologically complex projects and effective management of them. We highly value the professional experience of KNESS Baltic and the company's ability to create high-quality green power plants," said Arturs Yuksh, Member of the Board and Head of Credit Management at Rietumu Banka.
In turn, KNESS Baltic Director Andriy Kalynovskyi emphasizes: "The financing provided by Rietumu Banka is an important tool for our rapid growth in Latvia, allowing us to simultaneously build a number of solar parks and green energy storage systems in various regions. The credit line provides the necessary flexibility, while the guarantee limit offers full financial support in accordance with international practices. Also, the bank's deep knowledge of the specifics of the renewable energy sector and the long-term approach to cooperation from Rietumu Banka are very important for us."
About Rietumu Banka
Rietumu Banka is the largest Latvian bank with local capital and one of the leading banks in the Baltic region. The bank's activities are aimed at servicing large and medium-sized enterprises in Latvia and other Baltic and European countries, as well as wealthy individuals. Rietumu Banka's clients include companies operating in areas such as green energy, food production and other goods, commercial and residential real estate, construction, import and export operations, logistics, trade, financial services, technology, and other sectors.
About KNESS Baltic
KNESS Baltic is part of the international KNESS group of companies operating in the renewable energy sector since 2009. KNESS Baltic began operations in Latvia in 2023, with the main focus on the construction of power supply systems. The company has completed the construction of energy facilities in Latvia with a total capacity of over 143 MW and actively participates in creating new energy infrastructure. In addition to construction, KNESS Baltic also provides operation and maintenance services for solar power plants, adhering to high standards of quality and safety.
