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Virši have started equipping its service stations with solar panels

The largest and fastest growing local trader of fuel and alternative energy sources Virši has equipped their service station in Brocēni with solar panels that transform sunlight into electricity. The total capacity of the first Virši solar power plant is almost 20 kW; thus, when the solar panels reach the maximum capacity in the middle of the day, the entire electricity consumption of the station will be covered.

In support of sustainable business, Virši plans to invest in solar energy in the near future and gradually equip several other stations in their network with solar panels. The company's calculations show that the installation of solar power plants in at least half of the Virši stations will provide a capacity of about 0.5 MW, which will rank the company among the largest Latvian solar energy producers. Solar energy is the most common form of renewable energy and promoting its use means taking a step closer to achieving the European Union's climate neutrality goals.

 

“Virši service stations are an excellent place for the use of solar energy, because the electricity consumption in our stations is stable around the clock, as well as we will be able to provide direct deliveries within our internal network from solar panels to electric car chargers. This means that we will guarantee a large part of our customers' electric car charging electricity entirely from renewable energy sources. It is why Virši in Brocēni is the first, but not the last station that will be able to provide itself with this renewable and sustainable energy source. We have a clear vision and plan for the active implementation of solar energy solutions in 2022 as well,” emphasises Jānis Bethers, Virši Business Development Manager.

 

The use of solar energy in service stations is a modern solution that is not only environmentally friendly, but also economically advantageous. According to the expert, in the future, service stations will be a sufficiently complex and interesting example of a micro-grid. “Within the finished connection network, we will have several large and variable electricity consumers - electric charging, CNG or compressed natural gas compressors, as well as stable store consumption and additional solar panel systems. In the future, we plan to increase the capacity of the solar panel system and to also install electricity storage batteries so that we can efficiently store the generated electricity and use it when necessary, for example, when charging several electric cars at the same time. Thus, we will not only help to ensure a greener environment and the prudent use of resources, but also gain a certain independence from fluctuating electricity prices,” said Jānis Bethers, outlining future plans.

 

To implement this sustainable but at the same time significant investment plan, Virši plans to divert part of the capital raised as a result of the IPO. As a result of the IPO, Virši plans to attract new capital of up to 6.9 million euros, directing most of the funding to improving the supply and infrastructure of alternative fuels, promoting the availability of compressed natural gas (CNG), biomethane and LNG (liquefied natural gas) and the availability of electric car charging points in Latvia. It is also planned to pay significant attention to increasing the sustainability and efficiency of the company's operations.
 
Additional information about Virši IPO and future development plans can be found on virsi.lv in the Investors section: https://www.virsi.lv/for-investors.
 
The information contained in this announcement does not constitute investment advice or an offer. The information provided in this announcement contains general forward-looking announcements and the intentions and plans of AS Virši-A regarding the initial public offering (IPO) of shares. Any investment decision is acceptable considering the prospectus approved by the Latvian Financial and Capital Market Commission. Approval of the prospectus does not constitute a proposal to purchase shares.

 

The financial advisors of the Virši IPO process are LHV Bank and Eversheds Sutherland Bitāns.
The Virši IPO prospectus approved by the FCMC is available at: www.virsi.lv/investors.

 

About Virši:
AS Virši-A is the largest and fastest growing domestic fuel trader, with 26 years of experience in the Latvian fuel trade sector. Today, the Virši-A network has more than 63 service stations, of which 61 are full-service, and employs more than 627 people in all regions of Latvia.
 
Additional information:
Undīne Priekule
Virši communication specialist
Phone: 26141219
E-mail: undine.priekule@virsi.lv
www.virsi.lv