BaltCap Infrastructure Fund (BInF) has announced that it has acquired 70% of shares in a biomass-fired combined heat and power plant located in the Riga region of Latvia, from Latvian company AS ENERGOECO. The highly efficient woodchip-fired CHP plant commenced operations in October 2017. The capital expenditure for building and launching the plant was EUR17 million (US$19.7 million).

The power plant is equipped with an 18 MW HoSt Bio Energy Installations high-pressure water tube steam boiler and a 3.98 MW steam turbine. The plant produces electricity and provides heat to Riga's district heating system.

This is the third BInF investment into renewable energy projects. In September 2017, the fund invested in a project valued at EUR16 million (US$18.5 million) to build a biomass plant in Vilnius, and late in the year acquired Latvian biogas plant operator Anaerobic Holding for EUR9.45 million (US$10.97 million). Anaerobic Holding owns three biogas plants with a total installed capacity of 4.9 MW.

The transaction is expected to close after receiving competition clearance.