Balticovo egg producer invests EUR 2 million in solar park

RIGA, Sept 27 (LETA) - Balticovo egg producer has invested EUR 2 million in construction of a solar power park, LETA was told at the company.

The total capacity of the solar park is 2.3 megawatts. The park was built in cooperation with the electricity retailer Baltic Electro Company.

Vladimirs Mhitarjans, Chairman of the Board of Balticovo, explains that last year's energy crisis in Europe and Latvia forced the company to look for new solutions to reduce its dependence on electricity price fluctuations.

Mhitarjans indicated that for the poultry industry, solar panels are the right solution, as the largest volume of electricity is consumed in summer, when extra cooling is needed to keep the sun-warmed chicken coops cool. This is when solar panels generate most of the electricity.

The head of the company noted that this is the first phase of the solar project - the park is planned to be expanded. In addition, the development of the solar park is part of a broader program in which the company is both modernizing equipment and production and finding ways to incorporate circular economy principles into its daily work.

In addition to the solar park, the company is also developing a biomethane and liquefied carbon dioxide (CO2) plant. In previous years Balticovo invested EUR 2 million in a wastewater treatment plant and EUR 10 million in Egg Energy poultry manure processing plant.

The solar park was inaugurated on Wednesday.

s reported, Balticovo turned over EUR 101.801 million last year, which is 63.1 percent more than in 2021, while the company's profit increased several times amounting to EUR 6.711 million.

Balticovo was registered in 1992 and has a share capital of EUR 5,370,381.

The company's largest owner, according to Balticovo's 2022 annual report, is company BCO that owns 98.13 percent of Balticovo's shares.