European Energy, a renewable energy project developer, secured €37.9 million (~$43.89 million) long-term project financing for the development of a hybrid solar and energy storage project in the municipality of Saldus, Latvia. The solar project is also co-owned by European Energy and Sampension.
The project consists of a 65 MW solar and a 92 MWh battery energy storage system (BESS) across approximately 96 hectares. The BESS will support grid stability, balance electricity supply and demand, and enhance system flexibility, particularly following Latvia’s recent disconnection from the BRELL power network.
The project is currently under construction and is expected to be completed by the second half of 2026.
The release states that Latvia already generates over 70% of its electricity from renewable sources, and solar capacity is expected to grow significantly in the coming years.
“Securing non-recourse project financing proves the bankability of EE’s hybrid (BESS-coupled) projects, while supporting the continued addition of renewable energy generation and modern storage capacity to the Latvian electricity system,” says Jens-Peter Zink, Deputy CEO, European Energy. “Hybrid renewable parks play an important role in integrating variable energy sources efficiently while helping ensure a stable electricity supply for consumers.”
According to Mercom’s 9M and Q3 2025 Solar Funding and M&A report, large-scale project funding increased by 43% in the first nine months of 2025 compared with the same period in 2024.
in October, Recurrent Energy, a solar and energy storage project developer and wholly owned subsidiary of Canadian Solar, secured $825 million in construction financing and tax equity for its Desert Bloom storage and Papago Solar projects. NORD/LB, Mitsubishi UFJ Financial Group, CoBank, and Siemens Financial Services provided construction financing, and Wells Fargo provided the tax equity.
