What Saules BESS does

SIA Saules BESS is a Latvian private limited liability company (Reg. No. 40203716498) incorporated as a wholly-owned subsidiary of Saules Energy, one of Latvia's leading solar PV developers and operators. The company is a single-purpose project vehicle established to develop and install 120 MWh of battery energy storage systems (BESS) co-located across 8 operational solar PV plants owned by the Saules Energy group in Latvia, with installation scheduled for Q3–Q4 2026. Its core technology consists of grid-scale lithium battery storage integrated with existing PV generation assets, designed to capture intraday electricity price spreads, earn ancillary service revenues, and provide grid flexibility services in the Baltic market.

The company's business model is structured as project finance rather than a commercial product business. Saules BESS is raising up to €22 million through a senior secured bond issuance (ISIN LV0000112019, 3M EURIBOR + 9% coupon, maturity 31 December 2029, EUR 1,000 nominal) under an Offering Memorandum dated 9 June 2026, alongside a subordinated unsecured notes tranche. A separate €25 million investment programme from Merito Partners is being executed through the entity. Total project CAPEX is stated at €24 million. The only products offered are these debt instruments; there are no software, hardware, or technology products sold to customers.

Its go-to-market is a wholesale capital-markets distribution model targeting qualified and institutional investors in the Baltic and European region, conducted through a dedicated bond investor relations website, formal offering memoranda, and direct investor email contact. Distribution leverages the operational track record and PV asset base of the parent Saules Energy group. The company's economic counterparties are bondholders and capital partners rather than end energy consumers, and operating revenue is not yet recognized given the pre-installation status of the project.

Name

Saules BESS

Legal name

SIA Saules BESS

Website

https://saulesbess.com

Company type

Private

Founded year

2026

Operating status

Operating

Headcount range

11–50 employees

Short description

SIA Saules BESS is a Latvian project vehicle, wholly owned by Saules Energy, raising €22M of senior secured bonds to install 120 MWh of battery storage across 8 existing solar PV plants in Latvia during Q3–Q4 2026.

Ownership category

akta.pro rank

Product category

Battery Energy Storage Infrastructure

NAICS

Electric Power Generation, Transmission and Distribution (2211)

SIC

Cogeneration Services & Small Power Producers (4991)

akta.pro primary industry

Utility-Scale BESS Project Development & Ownership (IPP/Developer) (EUAFAAAA)

akta.pro secondary industries

BESS Financing, Insurance & Contracting (Tax Equity, PPA/Tolling, Warranties) (EUAFAAAI), BESS EPC, Integration & Commissioning (EUAFAAAB)

Keywords

• Battery energy storage
• Grid flexibility services
• Co-located solar storage
• Renewable energy infrastructure
• Ancillary services market

Headquarters

HQ city

Riga

HQ country

Latvia

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Technology or R&D, Operations, Supply Chain

Revenue model

1. Bond Issuance / Debt Capital: Saules BESS issues senior secured bonds to raise up to €22M in capital. The bonds carry a coupon of 3M EURIBOR + 9% with a nominal value of EUR 1,000 per note and maturity on 31 December 2029. This is a debt financing mechanism rather than a product revenue model, as the company is a project vehicle for energy storage infrastructure development.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

SIA Saules BESS is a Latvian project vehicle that develops and installs battery energy storage systems (BESS) co-located with 8 operational solar PV plants owned by its parent Saules Energy, totaling 120 MWh of storage capacity. The project is financed via senior secured bonds (up to €22M, ISIN LV0000112019) and subordinated unsecured notes, with installation scheduled for Q3–Q4 2026, and the assets are intended to capture intraday electricity price spreads, ancillary service revenues, and provide grid flexibility in the Baltic market.

Product overview

Saules BESS is a single-focus bond issuance vehicle (SIA Saules BESS) that offers two distinct fixed-income products — Senior Secured Notes (up to €22M, ISIN LV0000112019) and Subordinated Unsecured Notes — to finance the installation of 120 MWh of battery energy storage systems across 8 operational solar PV parks owned by its parent company Saules Energy in Latvia. The product portfolio consists entirely of structured debt instruments, with no standalone software, hardware, or technology products.

Differentiator

Problem solved

Functional benefit

Products and services

• Senior Secured Notes Senior secured bond instrument (ISIN LV0000112019) with total issue size up to €22,000,000, nominal value EUR 1,000 per note, annual coupon of 3M EURIBOR + 9%, maturity 31 December 2029, and early-redemption premiums of 103%/102%/101% across three annual periods. Issued to qualified and institutional investors to finance the development and installation of 120 MWh of battery energy storage systems co-located with 8 operational solar PV parks owned by the parent Saules Energy group in Latvia.
• Subordinated Unsecured Notes Subordinated unsecured notes providing an additional financing layer alongside the senior secured notes for the battery energy storage project, with terms as specified in the Offering Memorandum dated 9 June 2026. Targeted at qualified investors to support the development of 120 MWh of BESS capacity across 8 operational PV parks in Latvia.

Quantifiable outcome

• 120 MWh of battery storage capacity installed across 8 PV sites
• +2 more outcomes

Segments1 record

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Scale indicators5 records

Recent moves5 records

Expansion highlights4 records

Regional players

• Eesti Energia: Estonian state-owned energy company with renewable generation and flexibility assets across the Baltics; a regional incumbent whose market behavior and Baltic balancing market design shape Saules BESS's competitive environment.

Direct peers

• Eelpower: UK-focused BESS developer/operator building utility-scale battery storage projects with revenue stacking across ancillary services and merchant trading; directly comparable in scale and operational profile.
• Penso Power: UK-based BESS developer/operator with a portfolio approach to utility-scale storage; comparable in scale and in targeting flexibility services and merchant revenues from co-located and standalone storage assets.
• TagEnergy: International renewables and BESS developer with European projects including storage co-located with wind/solar; comparable in business model and target market (European flexibility services and arbitrage).
• Harmony Energy: UK- and European-focused BESS developer/operator building utility-scale storage projects with a similar project-financed, bond- and equity-funded development model targeting ancillary services and arbitrage revenues.
• Low Carbon: UK renewable energy developer with a growing portfolio of co-located solar and storage projects; comparable in co-location strategy and in targeting UK/European ancillary and balancing revenues.
• BW ESS: European BESS platform backed by BW Group, developing and operating large-scale storage assets across the UK and continental Europe; comparable in business model (developer/owner-operator) and asset class (utility-scale BESS).

Broad incumbents

• Lightsource bp: Global solar PV developer increasingly co-locating battery storage with its utility-scale PV projects; comparable in co-location thesis and European focus, with significantly greater scale and balance sheet.
• Latvenergo: State-owned Latvian integrated utility with generation, distribution, and retail operations; comparable as a Baltic power market participant whose dispatch decisions and grid policies directly influence Saules BESS's revenue opportunity.
• Saules Energy: Latvian solar PV developer/operator and parent of Saules BESS; directly comparable in geographic focus, technology platform, and operational expertise, with a broader PV-only portfolio beyond the BESS vehicle.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks5 records

Key highlights5 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds1 record

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 BESS