BaltCap Infrastructure Fund has expressed readiness to develop the capacity to receive liquefied natural gas (LNG) in Latvia.
The company will address the Prime Minister Krišjānis Kariņš with an offer. BaltCap Infrastructure Fund can play the role of both financier and asset owner during the construction and operation phases of the LNG terminal, providing an operational solution that does not require state budget funds.
“BaltCap is ready to participate in a project so important to the Latvian state. The company’s infrastructure fund can offer a significant turning point in the development of liquefied natural gas capacity in Latvia, thus increasing our country’s energy independence from Russia. We are able to finance and develop large infrastructure projects, including LNG terminals in the amount of 150 million euros, “emphasizes Dagnis Dreimanis, Baltcap’s managing partner.
BaltCap also calls for the delayed regulation, which would allow Latvian biogas plants to start producing and transferring biomethane in the Conexus and Gaso networks. Local biogas plants could produce at least 10% of the natural gas consumed in Latvia, replacing imported fossil fuels with local, renewable energy, which recycles organic waste and reduces GHG emissions. Due to the currently unorganized regulation, there is a high risk that Latvia’s biomethane will be exported in liquefied form, while Latvia is looking for solutions for the import of liquefied natural gas. Amendments to the Energy Law, the Transport Energy Law, as well as changes in the regulations of the Cabinet of Ministers and other documents regulating the sector are required for the arrangement of the legal framework for the production and sale of biomethane in Latvia in accordance with the European Union regulations and the European Green Course.