Saules Energy
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.
- Company typePrivate
- Founded-
- HeadquartersRiga, Latvia
- Headcount1–10
- GTM typeB2B
- OfferingServices
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.
Saules Energy firmographics
Firmographics- 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
Saules Energy industry classification
Industry- 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
Where Saules Energy is headquartered
LocationHeadquarters
- HQ city
- Riga
- HQ country
- Latvia
- HQ region
- Europe
Offices1 record
Markets served
Saules Energy business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Infrastructure, Supply Chain, Operations, Personnel, Technology or R&D, Marketing or Sales
Revenue model
- 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
Saules Energy product offering
Product offeringCore 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
Companies that use Saules Energy
Customer profileNamed customers1 record
Segments1 record
Ideal customer profiles2 records
Saules Energy technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Saules Energy partnerships and signals
Strategic signalScale indicators7 records
Recent moves6 records
Expansion highlights4 records
Saules Energy competitors and assessment
Company assessmentBroad 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
Saules Energy social profiles
Digital presenceSaules Energy financial estimates
Financial estimateRevenue estimate
Valuation estimate
Saules Energy leadership team
Management profileNumber of profiles
Saules Energy subsidiaries and ownership
Company hierarchySubsidiaries8 records
Saules Energy funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Saules Energy M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Saules Energy
What does Saules Energy do?
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.
Is Saules Energy a public or private company?
Saules Energy is a private company. It is classified as unknown and is currently operating.
When was Saules Energy founded?
Saules Energy was founded in -1. It employs 1 to 10 people.
Where is Saules Energy based?
Saules Energy is headquartered in Riga, Latvia, in the Europe region.
How does Saules Energy make money?
One revenue line is on record: solar Energy Production and Sales.
Who are Saules Energy's main competitors?
Broad incumbents on record are Ignitis Group, Latvenergo, Enel Green Power, Utilitas, Eesti Energia, Iberdrola and Enefit.
Does Saules Energy have an API?
No public API is recorded for Saules Energy.
What industry is Saules Energy in?
Saules Energy's product category is Solar Power Generation. Its primary akta.pro industry code is EUAMABAB, Solar EPC & Construction (Utility-Scale, Rooftop, Balance of System), with a secondary code of EUACAGAG, Owner’s Engineering, Grid Interconnection & System Studies (PVsyst/Performance Modeling, Protection Studies). Its NAICS code is 221114 and its SIC code is 4911.