Elektrum Acquires Kuusalu Solar Park with a Total Capacity of 17 MW

Elektrum Eesti OÜ signed an agreement with Justkull OÜ, the owner of Solarpark Kuusalu, under which Latvenergo Group's Estonian subsidiary became the sole owner of Solarpark Kuusalu, spanning approximately 22 hectares in Kuusalu municipality.

According to Andrus Liivand, a member of the management board of Elektrum Eesti, this is the second major project this summer that increases renewable energy capacity.

"Just this June, we opened a solar park in Lüganuse consisting of nearly 11,000 panels with a total capacity of 7 MW. As a result of the transaction with Justkull, our solar energy production capacity will more than triple, enabling us to cover the annual electricity needs of a total of 4,000 average households with environmentally friendly energy," said Liivand.

The Kuusalu solar park generates electricity with nearly 27,000 south-facing bi-facial panels with a total capacity of 17.4 MWp. The park's annual solar electricity output to the grid is approximately 17 GWh.

"For us, the Kuusalu solar park was a promising project also because in the future we will have the opportunity to install additional energy storage systems on the property and, if necessary, create an Elektrum Drive electric vehicle charging station near the Tallinn-Narva highway. All of this boosts the investment's profitability," explained Liivand.

Agnes Makk, Chairman of the Management Board of Elektrum Eesti, confirmed that Elektrum continues to expand solar and wind energy production opportunities in Estonia by purchasing already operating or under-construction plants and planning new energy parks.

"This year alone, Elektrum will add around 100 MW of solar power capacity to its two solar parks. In the coming years, we aim to increase our renewable energy production capacity to 400 MW. The goal is very ambitious, but considering Estonia's acute electricity shortage and the resulting high price level, it is the only possible direction," said the head of Elektrum.

Raising Elektrum Eesti's renewable energy capacity is part of the parent company Latvenergo Group's investment plan of up to half a billion euros, aiming to ensure 2.3 GW of wind and solar energy capacity by 2030.

Elektrum Eesti is an energy sales company that offers not only electricity but also natural gas, solar energy, and electric vehicle charging solutions under the Elektrum Drive brand. Elektrum Eesti is part of the Latvenergo Group, one of the largest energy suppliers in Europe and the largest green energy producer in the Baltics. The group's companies serve a total of 800,000 customers in the Baltics, and 60% of the group's energy production comes from renewable energy sources.

According to the owner of Justkull OÜ, Erko Kundla, the development of the solar park has been a difficult and at the same time an exciting challenge.

"Being an electronics engineer by education, this project was a combination of my hobby, knowledge, and work. Given the persistent high demand for renewable energy production in the market, the project was finalised at the exact right time. I want to thank all partners and individuals who helped me along this challenging path. We are ready to develop the next projects together," he said.

The transaction was advised by Cobalt on behalf of Elektrum Eesti, and by Redgate Capital and Tark on behalf of the seller.