Investors emerge in future LNG development in Latvia

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The BaltCap private equity fund has expressed its readiness to develop liquefied natural gas (LNG) reception capacity in Latvia, BaltCap said in a statement on April 12.

The Fund said it can fulfill the role of both the financing and the owner of the assets in the construction and operation phases of the LNG terminal, and provide a solution that does not require State budget resources.

BaltCap has also turned to Prime Minister Krišjānis Kariņš with the offer. At the same time, BaltCap proposes an operational framework that would allow Latvian biogas stations to start producing and transferring biomethane to the networks of Conexus and Gaso. According to the company, local biogas plants could produce at least 10% of the natural gas consumed in Latvia – replacing imported, fossil fuels with local, renewable energy that recycles organic waste and reduces GHG emissions.

The BaltCap Infrastructure Fund invests in renewable energy, transport, and social infrastructure development projects in the Baltic and Poland. The Fund's investors are the Baltic Pension Funds, the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), and the Nordic Environment Finance Corporation (NEFCO). The fund is a manager of alternative investment funds registered in Estonia and the duration of the fund is 20 years.

The Latvian coalition agreed in principle on the need to develop an LNG terminal in Latvia on Monday, April 11.

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