Riga / Vilnius / Tallinn, Nasdaq Baltic Market, July 31, 2026 – Nasdaq (NDAQ) announces that bonds issued by Saules BESS, a portfolio company of Merito Sustainable Energy Fund managed by Merito Partners, have been admitted to trading on the Nasdaq Baltic First North Market as of today.
Saules BESS raised EUR 22 million through a private bond offering. The secured bonds have a nominal value of EUR 1,000 each, with annual coupon of 9% + 3M EURIBOR and interest paid quarterly. The maturity date of the bonds is December 31, 2029.
More than 80 institutional and private investors from across the Baltics participated in the private offering of Saules BESS bonds. The proceeds will be used to finance the deployment of battery energy storage systems (BESS) at eight operational solar power plants in Latvia. The bonds are secured by a commercial pledge over the company’s assets and shares.
“Investors are increasingly looking for opportunities that combine attractive returns with a positive long-term impact. This bond issue shows how the capital market can help bring important energy projects to life, supporting both Latvia’s energy security and the transition to renewable energy,” said Liene Dubava, Chair of the Management Board of Nasdaq Riga.
“We chose to list these secured bonds on the First North market to make them accessible to a broader range of investors. Energy infrastructure projects remain relatively rare in the Baltic capital market, so we are pleased to offer investors an opportunity to participate in the development of one of Latvia’s largest battery energy storage projects. The project will help make better use of renewable energy while also strengthening the stability of Latvia’s electricity system,” said Māris Plūme, Head of Saules Energy and Saules BESS, portfolio companies of Merito Sustainable Energy Fund managed by Merito Partners.
Merito Sustainable Energy Fund is an alternative investment fund managed by Merito Partners that invests in sustainable energy infrastructure projects in Latvia. The fund aims to support the transition to sustainable energy by financing projects that strengthen Latvia’s energy security, facilitate the integration of renewable energy resources, and contribute to the development of the country’s energy infrastructure.
Merito Partners is a leading Latvian investment firm managing more than 20 investment funds and projects in sustainable energy, specialized real estate, and long-term evergreen investments, with total assets under management exceeding EUR 170 million. More than 250 private and institutional investors from Latvia have invested in funds managed by Merito Partners.
Saules BESS is a portfolio company of Merito Sustainable Energy Fund and a subsidiary of SIA Saules Energy. The company was established to develop and operate battery energy storage system projects in Latvia. Saules BESS is implementing a project to install battery energy storage systems with a total storage capacity of 120 MWh at eight operational solar power plants owned by the Saules Energy group. The project is intended to improve the efficiency of electricity generation, provide additional flexibility to the electricity system, and support the integration of renewable energy resources into Latvia’s energy system.
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Sanita Gailāne
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Nasdaq Riga
sanita.gailane@nasdaq.com
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