European Energy, a renewable energy project developer, secured €68 million (~$72.79 million) in financing to develop a 148 MWp solar project in the Ventspils municipality, Latvia. NIB, Luminor Bank, and NORD/LB have agreed to co-finance the project.
Stelo Orienta SIA, a subsidiary of European Energy, is developing the project.
The European Union supports NIB’s €28 million (~$29.97 million) loan under NIB’s InvestEU Framework Operation on clean energy transition. This financing is NIB’s first InvestEU loan in Latvia.
The construction of the solar project will start in 2025 and is expected to reach commercial operation in the first half of 2026.
According to the company, the financing will increase the overall solar generation capacity in Latvia, which currently stands at 600 MW. The country is still significantly reliant on fossil fuel-based energy systems, particularly natural gas, which makes adding renewable energy capacity in Latvia an essential step towards the clean energy transition.
“We are excited to contribute to Latvia’s most ambitious solar park project by providing part of the funding in cooperation with experienced international partners. This initiative will significantly enhance Latvia’s energy system, reduce emissions and promote societal welfare. The green energy produced will supply electricity for more than 40,000 households. Luminor is happy to support the implementation of this project, which aligns also with the bank’s sustainability goals,” says Ilze Zoltnere, Head of the Corporate Department at Luminor Bank.
Last December, the company divested three solar projects, including the Marksbury Plain, Kincraig, and Vicarage Drove projects, which have a combined capacity of more than 115 MW in the U.K.
According to Mercom’s Annual and Q4 2024 Solar Funding and M&A report, large-scale project funding in 2024 increased 21% year-over-year.
Also in March, Alight, an independent solar power producer, secured €46 million (~$48.07 million) of senior debt for its 100 MWp solar project in Eurajoki in Finland. The company signed the financing agreement with the banks ABN AMRO and SEB.
