Saules Energy

What Saules Energy does

Saules Energy (SIA "Saules Energy", reg. 50203458791) is a Latvian renewable-energy project developer headquartered in Riga that develops, constructs, and operates utility-scale solar photovoltaic (PV) power plants across Latvia. The company's core technology is grid-tied solar PV generation, with eight operational plants (named "SES" — Saules Enerģijas Stacija) ranging from 2.8 MW to 19.8 MW per site, totaling over 70 MW of capacity and approximately 70,000 MWh of annual electricity production. Each plant is operated through a dedicated wholly-owned subsidiary SIA (e.g., Cēsu SES SIA, Kalkūnes SES SIA, Kalkūnes SES SIA), enabling clean SPV-level capex accounting and risk isolation.

Saules Energy's revenue model is the sale of electricity generated from its plants into the Latvian grid via direct substation connections (Valmiera, Koknese, Cēsis, Inčukalns, Carnikava, Brenguļi, Zilupe, Kalkūne substations), with output ultimately serving more than 35,000 households. Customers are therefore residential electricity consumers reached indirectly through grid offtake rather than direct retail relationships; there is no second revenue stream evidenced (no PPA disclosure, no services, no development fees). Pricing is not publicly disclosed but is implicitly regulated by Latvian electricity market dynamics.

The company's go-to-market is enterprise-style project development: a small (5-employee) team originates sites, secures permits and grid-connection agreements near substations, and procures PV hardware and engineering from leading global manufacturers and engineering firms. Capex (EUR 50 million across the portfolio) is provided externally rather than from operating cash flow: Merito Sustainable Energy Fund I, a Bank-of-Latvia-registered alternative-investment-fund manager owned by Merito Partners, financed all eight plants, with individual project-level debt from Latvian banks Swedbank, Luminor, Altum, and Citadele banka. Distribution is direct grid feed with no intermediate sales channel; marketing activity is limited to a LinkedIn page, YouTube channel, and the saules.energy corporate site.

Name

Saules Energy

Legal name

SIA "Saules Energy"

Website

https://saules.energy

Company type

Private

Operating status

Operating

Headcount range

1–10 employees

Short description

Saules Energy is a Latvian solar PV project developer that builds and operates eight utility-scale solar power plants (over 70 MW combined, ~70,000 MWh/year) across Latvia, supplying green electricity to more than 35,000 households through direct grid connections and financed via Merito Sustainable Energy Fund I.

Ownership category

akta.pro rank

Product category

Solar Power Generation

NAICS

Solar Electric Power Generation (221114)

SIC

Electric Services (4911)

akta.pro primary industry

Solar EPC & Construction (Utility-Scale, Rooftop, Balance of System) (EUAMABAB)

akta.pro secondary industry

Owner’s Engineering, Grid Interconnection & System Studies (PVsyst/Performance Modeling, Protection Studies) (EUACAGAG)

Keywords

• Solar power generation
• Renewable energy development
• Photovoltaic power plants
• Green energy supply
• Solar project development

Headquarters

HQ city

Riga

HQ country

Latvia

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Supply Chain, Operations, Personnel, Technology or R&D, Marketing or Sales

Revenue model

1. Solar Energy Production and Sales: Saules Energy develops and operates solar power plants that generate electricity supplied to households and the grid. The company generates revenue through energy production from its 8 operational solar power plants across Latvia.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Saules Energy develops and operates solar photovoltaic (PV) power plants across Latvia, supplying green electricity to households and the grid. The company has commissioned eight solar power plants (SES) with a combined capacity exceeding 70 MW, producing at least 70,000 MWh annually and serving 35,000+ households. Projects are financed through Merito Sustainable Energy Fund I as part of a 50 million EUR green investment initiative, with bank loans from Swedbank, Luminor, Citadele, and Altum.

Product overview

Saules Energy is a developer of renewable energy projects focused on solar power plant development across Latvia. The company operates a portfolio of eight solar power plants (SES - Saules Enerģijas Stacija), with a combined capacity exceeding 70 MW. The portfolio includes: Zilupes SES (2.8 MW), Inčukalna SES (3.1 MW), Carnikavas SES (12 MW), Brenguļu SES (7 MW), Kalkūnes SES (13.3 MW), Kokneses SES (5.3 MW), Cēsu SES (19.8 MW - largest), and Valmieras SES (7.1 MW). The total investment of the portfolio amounts to 50 million euros, financed by Merito Sustainable Energy Fund I. All eight power plants together produce at least 70,000 MWh of electricity per year, supplying green energy to more than 35,000 households throughout Latvia.

Differentiator

Problem solved

Functional benefit

Products and services

• Zilupes SES Solar power plant with 5,000 panels, 2.8 MW capacity, producing 3,000 MWh per year. Located in Zilupe, the farthest east town of Latvia. Supplies green energy to 1,300+ households. The first solar power plant developed by Saules Energy.
• Valmieras SES Solar power plant with 12,000 panels, 7.1 MW capacity, producing 6,900 MWh per year. Located at Valmiera substation. Provides green energy to 3,400 households. Citadele banka provided project financing.
• Kokneses SES Solar power plant with 9,500 panels, 5.3 MW capacity, producing 5,200 MWh per year. Located 3 km from Koknese. Provides green energy to 2,100 households. Altum provided a 2.1 million EUR loan.
• Cēsu SES Solar power plant with 33,540 panels, 19.8 MW capacity, producing 20,400 MWh per year. The largest of the eight solar power plants developed by Saules Energy. Located near Cēsis.
• Inčukalna SES Solar power plant with 5,600 panels, 3.1 MW capacity, producing 3,300 MWh per year. Located at the entry of Inčukalns, Sigulda municipality. Provides green energy to 1,650+ households.
• Carnikavas SES Solar power plant with 22,300 panels, 12 MW capacity, producing 12,300 MWh per year. Located at Carnikava, Ādaži municipality. Provides green energy to 5,800+ households. Swedbank provided a 4.5 million EUR loan.
• Brenguļu SES Solar power plant with 12,300 panels, 7 MW capacity, producing 7,500 MWh per year. Located 2 km from Brenguļci on the Valmiera–Brenguļi road. Provides green energy to 3,800+ households.
• Kalkūnes SES Solar power plant with 22,300 panels, 13.3 MW capacity, producing 13,500 MWh per year. Located near Daugavpils, the second largest city of Latvia. Provides green energy to 6,500+ households. Swedbank provided a 4.7 million EUR loan.

Quantifiable outcome

• 35,000+ households supplied with green energy
• +2 more outcomes

Named customers1 record

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators7 records

Recent moves6 records

Expansion highlights4 records

Broad incumbents

• Ignitis Group: Lithuanian state-owned energy group with renewables (Ignitis Renewables), distribution, and customer solutions. A pan-Baltic incumbent comparable to Saules Energy's regional development ambition but with much larger scale.
• Latvenergo: Latvia's state-owned vertically integrated utility, the dominant power generator and supplier in the country. Saules Energy competes for grid capacity, land, and policy attention against Latvenergo's broader (hydro, thermal, wind) portfolio, but is a pure-play solar specialist in the same market.
• Enel Green Power: Global renewable energy developer and operator owned by Enel Group, with extensive utility-scale solar expertise. A meaningful international benchmark for plant development cadence, SPV structuring, and project finance execution.
• Utilitas: Estonian energy company focused on district heating and renewable generation. Comparable to Saules Energy as a Baltic renewable energy developer/operator with project finance expertise and similar plant-scale economics.
• Eesti Energia: Estonian state-owned utility with significant oil-shale, wind, and solar generation. Operates Enefit Green as its renewables arm. A natural regional incumbent comparable to Saules Energy, with broader geographic and technology footprint.
• Iberdrola: Global renewables leader with substantial solar PV generation across multiple geographies. A scaled, listed benchmark for utility-scale solar development economics and project finance execution relevant to Saules Energy's forward trajectory.
• Enefit: Estonian energy group active across generation, distribution, and heat, with growing renewable exposure. Comparable to Saules Energy as a regional energy producer in a Baltic market with similar policy frameworks.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks5 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/@SaulesEnergy
• LinkedInlinkedin.com/company/saulesenergy

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Saules Energy