Futureal Energy Partners (FEP) has acquired a portfolio of battery energy storage system (BESS) projects in Latvia from Aretis Group (AG), marking the company’s entry into the rapidly growing Baltic energy storage market. The transaction comprises two standalone BESS sites in Riga with a combined capacity of 45 MW / 120 MWh.
The portfolio includes the Bolderaja and Bisuciems projects, which were developed from the greenfield stage by Latvian renewable energy developer Aretis Group. The projects have already secured key development milestones, including grid connection agreements and building permits. Construction is expected to commence in July 2026, with commercial operations targeted for November 2026.
Located in the Riga metropolitan area, the projects are strategically positioned to capitalise on the Baltics’ evolving electricity market dynamics. Following the Baltic states’ synchronisation with the continental European power grid in 2025, demand for grid flexibility, balancing capacity, and ancillary services has increased significantly, reinforcing the critical role of battery energy storage infrastructure in the region.
“The Baltics have rapidly emerged as one of Europe’s most attractive energy storage markets,” said Daniel Szentirmai, Co-Founder and CEO of Futureal Energy Partners. “This acquisition is fully aligned with our strategy of investing in flexible energy infrastructure in markets where storage can play a vital role in supporting grid stability and accelerating renewable energy integration. Latvia offers strong long-term market fundamentals, and we see considerable further opportunities across the region.”
The acquired portfolio consists of a 15 MW / 40 MWh BESS project in Bolderaja and a 30 MW / 80 MWh project in Bisuciems, all connected to medium-voltage substations through secured grid connections. The battery systems are expected to generate revenues primarily through ancillary and balancing services that support grid reliability and flexibility.
Aretis Group has established itself as an active renewable energy developer in Latvia, having delivered multiple solar and hybrid energy projects across the country. The company developed the acquired BESS portfolio from the initial greenfield stage through permitting and grid connection approval, advancing the projects toward construction readiness.
“We are proud to cooperate with Futureal Energy Partners on this transaction,” said Arturs Plume, CEO and Founder at Aretis Group. “Their long-term investment approach and expertise in energy infrastructure make them a strong partner for accelerating the deployment of energy storage solutions in the Baltics.”
The acquisition further strengthens Futureal Energy Partners’ expanding European renewable energy portfolio, which includes solar PV and battery storage investments in Finland, a large-scale solar project in Hungary, and a 45MW onshore wind project currently under construction in Poland.
