European Energy has secured EUR 37.9 million in long-term financing from Luminor for the construction of a hybrid solar and battery storage facility in Saldus, western Latvia. The facility, co-owned with Sampension, will be one of the country’s most advanced of its kind when completed in the second half of 2026, European Energy said.
The project includes a 65 MW solar park and a 92 MWh battery storage facility spread over approximately 96 hectares. The battery will help stabilize the electricity grid, balance supply and demand and increase flexibility as Latvia disconnects from the former BRELL network, which connected the country with Russia, Belarus and the other Baltic states.
- The fact that we have secured project financing without recourse shows that our hybrid projects are in a strong financial position, while contributing to the expansion of renewable energy and modern storage capacity in the Latvian electricity system, says Jens-Peter Zink, Deputy CEO of European Energy.
Latvia already covers over 70 percent of its electricity consumption with renewable energy, and the expansion of solar energy is expected to increase significantly in the coming years. The transition away from the BRELL network has increased the need for new energy infrastructure, especially storage capacity, which can make the electricity market more stable and independent.
- Our support for the project in Saldus reflects the continued development of Latvia's energy system towards greater independence and sustainability. European Energy brings solid international experience and we appreciate the cooperation that began last year. This financing supports one of the largest solar energy initiatives in Latvia and contributes to a more flexible and technology-driven energy system,” says Ilze Zoltnere, Head of Corporate Banking at Luminor Bank in Latvia.
amp
Text, graphics, images, sound, and other content on this website are protected under copyright law. DK Medier reserves all rights to the content, including the right to exploit the content for the purpose of text and data mining, cf. Section 11b of the Copyright Act and Article 4 of the DSM Directive.
Customers with IP agreements/major customer agreements may only share Danish Offshore Industry articles internally for the purpose of handling specific cases. Sharing in connection with specific cases refers to journaling, archiving, or similar uses.
Customers with a personal subscription/login may not share Danish Offshore Industry articles with individuals who do not themselves have a personal subscription to Danish Offshore Industry.
Any deviation from the above requires written consent from DK Medier.
