European Energy to start construction on its first solar farm in Latvia

European Energy is ready to start construction on its first solar farm in Latvia. The solar farm will have a capacity of 148 MW when constructed.
 

Copenhagen, Denmark, 3 October, 2024 – European Energy is set to begin construction on the largest solar farm in Latvia to date. The solar farm will have a capacity of 148 MW once completed, which will make it one of the largest solar farms in the country.

The solar farm will be located near Targale in Ventspils County. Upon completion, it will be able to produce around 154,550 MWh annually, providing electricity equivalent to the household consumption of approximately 40,000 European households.

European Energy expects the solar farm to be connected to the grid by the end of 2025.

Latvia has ambitious climate goals and a long history of utilizing renewable energy sources, especially hydropower. However, the potential of solar energy remains largely untapped, according to Alnis Bāliņš, Head of the Riga office of European Energy Latvia.

“Electricity production from renewable sources in Latvia has seen significant growth in recent years, but the momentum gained so far is not enough, and there is still too little solar and wind energy in the region. We hope to change this with the new solar farm. The park will consist of 240,000 solar panels, with a total capacity of 148 MW, contributing to the country’s energy independence and increasing the share of renewables in the overall energy mix,” said Alnis Bāliņš.

To date, Latvia has lagged behind its neighbors in the construction of solar energy parks. In 2023, Estonia’s solar power capacity reached 822 MW, Lithuania’s 1,165 MW, while Latvia’s stood at only 500 MW. The new European Energy project will significantly boost Latvia’s solar energy generation, strengthening its position in the renewable energy market.

“Latvia is an important market for European Energy, not least because of its appetite for renewable energy. According to the Latvian National Energy and Climate Plan, the share of renewable energy in electricity generation is expected to increase significantly, from 53% to 80% by 2030. To achieve this target, both wind and solar energy production must be expanded. A key driver for this development will be consumers of electricity – both state and private – being willing to enter into long term agreements to buy green energy. This aligns perfectly with European Energy’s vision and development strategy,” said Thorvald Spanggaard, EVP and Head of Project Development at European Energy.

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Ming Ou Lü

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miol@europeanenergy.com