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The Nordic Investment Bank (NIB), Luminor Bank, and NORD/LB will co-finance a 148-MWp solar power project in Latvia, developed by Denmark’s European Energy. The project will receive €68m in financing, with NIB contributing a €28m loan under the European Union’s InvestEU Framework Operation on Clean Energy Transition. European Energy is developing the project through its subsidiary Stelo Orienta SIA. Construction is set to begin in early 2025 in the municipality of Ventspils, with full grid connection expected in the first quarter of 2026. Once operational, the solar farm will be among Latvia’s largest, supplying electricity to over 40,000 households. The project is expected to play a key role in expanding Latvia’s solar generation capacity, currently at 600 MW, and advancing the country’s green transition and energy independence. “The desynchronisation from the Russian and Belarusian power grids will heighten the need for reliable domestic energy generation in the Baltics,” said Andre Kuusvek, NIB President and CEO. “Creating new renewable capacities will help the Baltic states towards energy independence.” |
