The overall financing amounts to 68 million euros. NIB’s 28 million euro loan is supported by the European Union under NIB’s InvestEU Framework Operation on Clean Energy Transition. This is NIB’s first InvestEU loan in Latvia.
The financing will increase the overall solar generation capacity in Latvia, which currently stands at 600 MW. Latvia’s energy system significantly relies currently still on fossil fuels, particularly on natural gas, which makes creating additional renewable energy capacities in the country a vital step towards the green transition.
“The desynchronisation from the Russian and Belarusian power grids will heighten the need for reliable domestic energy generation in the Baltics” said André Küüsvek, NIB President and CEO, “Creating new renewable capacities will help the Baltic states towards energy independence.”
Stelo Orienta a subsidiary of European Energy will start the construction of the solar PV farm in early 2025. It is expected to be fully grid-connected in Q1 of 2026, making it possible to start commercial operations in the first half of 2026. Once finished, the solar farm will be among Latvia's largest.
“We’re delighted to partner as lead arranger with NIB, InvestEU, Luminor Bank in financing European Energy's solar farm in Ventspils, Latvia – the largest ever constructed in the country by now” said Heiko Ludwig, Global Head of Structured Finance at NORD/LB. “This critically important project will not only help in Latvia's wider mission to decarbonise their economy, but also stands as a prime example of how public-private financing partnerships are key to funding and progressing the renewable energy transition in Europe."
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