Rietumu Banka Supports KNESS Baltic’s Renewable Energy Expansion with €5 Million Financing

Rietumu Banka has provided a €4 million credit line and an additional €1 million guarantee limit to KNESS Baltic, a renewable energy company operating in Latvia. The financing will support the implementation of solar power plants and battery energy storage systems (BESS) projects, as well as related contractual obligations. Dienas Bizness and Jauns.lv reported on the agreement on March 17, 2026.

Financing Details and Support from ALTUM

The credit line issued by Rietumu Banka is bolstered by a €3.2 million guarantee from ALTUM, the Latvian Development Finance Institution, funded by EU funds. This guarantee serves as financing security for KNESS Baltic, providing flexible working capital to efficiently plan project execution and resource allocation.

Project Implementation and Green Energy Production

Utilizing the credit line, KNESS Baltic is currently implementing solar park and BESS system installation projects across various locations in Latvia. These projects aim to preserve and further utilize generated green energy, enhancing production efficiency, and flexibility. The guarantee limit ensures the fulfillment of contractual obligations, a crucial component of renewable energy project financing.

KNESS Baltic’s Growth and Project Portfolio

Since commencing operations in Latvia in 2023, KNESS Baltic has successfully implemented 13 solar power plant projects with a combined capacity of 143 MW. Notable projects include installations in Macīši, Rempi, Dundaga, Viļaka, Dobele, and Valdemārpils.

Statements from Rietumu Banka and KNESS Baltic

Artūrs Jukšs, a member of the board of Rietumu Banka and head of the Credit Department, stated that the financing provides a flexible financial solution enabling KNESS Baltic to implement multiple technologically complex projects concurrently and effectively manage their implementation. He also highlighted the bank’s appreciation for KNESS Baltic’s professional experience and ability to deliver high-quality green energy projects.

Andrii Kalinovskyi, director of KNESS Baltic, emphasized that the financing from Rietumu Banka is essential for the company’s rapid growth in Latvia, allowing for the parallel implementation of several solar parks and green energy storage projects. He also noted the credit line’s flexibility and the guarantee limit’s provision of full-fledged financial security in accordance with international practices, appreciating the bank’s understanding of the renewable energy industry and long-term cooperation perspective.

About Rietumu Banka

Rietumu Banka is a European bank specializing in private and corporate banking, accounts, credit cards, brokerage, real estate, and emerging market investments. It is one of the largest banks in the Baltic region. Rietumu Banka