The project is being developed by Stelo Orienta SIA, a subsidiary of European Energy, a Danish renewable energy company.

The overall financing amounts to EUR 68 million. NIB’s EUR 28 million 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.

Valdis Dombrovskis, Commissioner for Economy and Productivity said: “The European Commission is committed to mobilising much-needed investments to decarbonise the European economy while boosting Europe’s competitiveness and resilience. InvestEU is our critical partner in delivering on these objectives. This €28 million NIB loan in Latvia, in partnership with InvestEU, will stimulate Latvia’s green transition by enabling further sustainable energies and reducing emissions.”

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 the beginning of 2025. The solar farm 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.

The InvestEU program provides the European Union with crucial long-term funding by leveraging substantial private and public funds in support of a sustainable recovery. It also helps mobilise private investments for the European Union’s policy priorities, such as the European Green Deal and the digital transition. You can read more at NIB and InvestEU.

 

Seen a mistake?

Select text and press Ctrl+Enter to send a suggested correction to the editor

Select text and press Report a mistake to send a suggested correction to the editor

Tell us about a mistake