Estonian renewable energy developer Evecon on Wednesday signed a funding contract with French investment firm Mirova to construct a solar plant with an output of 70 megawatts in Lääneranna Municipality, Pärnu County.
Marek Mägi and Aivar Mäemets' company Evecon is set to launch construction of the park in 2023, which it aims to launch at full power in early 2024.
The total output of incoming solar parks in Lääneranna, Põhja-Sakala and Järva municipalities is 100 megawatts and annual yield up to 100,00 megawatt-hours. The Lääneranna project aims to yield €70 megawatts and would be the largest solar park in the Baltics.
"Over the next six years, we will be constructing 2.5 gigawatt-hours worth of renewable capacity in Estonia and the Baltic region. Plans include wind, solar and storage using which we could cover the needs of 540,000 households and offer supply security after desynchronization from the Russian grid," Evecon OÜ board member Karl Kull said.
Evecon currently operates solar parks with a combined output of 40 megawatts, with the new contract set to raise that to 140 MW. Starting from fall 2022, Evecon will have 1,100 MW worth of solar and 700 MW worth of wind energy projects in the works for 2025-2026.
Mirova, part of Natixis Investment Managers, is an asset management fund dedicated to sustainable investment. Mirova's goal is to invest in modernization to effect solutions sporting major environmental and social impact. Mirova and affiliates managed €25.3 billion on September 30, 2022.
Editor: Barbara Oja, Marcus Turovski