European Energy divests half of Latvian solar park to Sampension

Latvia’s largest solar park gains new ownership as European Energy divests half of the park to Sampension.

Copenhagen, Denmark, 20th of December 2024 – The solar park is under construction and is expected to be completed in the fourth quarter of 2025. It has a capacity of 148 MW and is expected to generate electricity equivalent to the consumption of over 40,000 European households.

Latvia has ambitious climate goals, aiming for 57 percent of its electricity consumption to come from renewable sources by 2030, according to the International Energy Agency (IEA). However, the development of solar parks in Latvia has so far been slower than in its Baltic neighbours. In 2023, the country had only 500 MW of solar capacity. The new project in Ventspils will therefore significantly contribute to increasing the production of renewable energy in Latvia.

There is strong demand for renewable energy in the country – driven in part by the desire to reduce dependence on energy imports. Both public and private stakeholders have shown great interest in entering into power purchase agreements (PPAs) for renewable energy to secure stable electricity supplies.

“We are pleased to collaborate on Latvia’s largest solar park with Sampension. This step is a natural continuation of our partnership, and we look forward to contributing to the green transition in Latvia together with Sampension,” says Thorvald Spanggaard, EVP and Head of Project Development at European Energy.

European Energy has worked with Sampension for several years on renewable energy projects, including investments in land for the development of energy parks in Denmark, Sweden, and Latvia.

European Energy has collaborated with Sampension for several years on renewable energy parks, including investments in land for the development of energy parks in Denmark, Sweden, and Latvia, as well as asset management of Sampension’s international wind investments. Both parties view further collaboration positively and are open to expanding their partnership through investments in additional solar and wind parks under similar arrangements in the future.

“We at Sampension have been expanding our portfolio of wind and solar parks for several years, contributing to greener energy production in Europe while delivering attractive returns for our pension customers. We see the solar park in Ventspils as an attractive investment case that aligns well with our existing portfolio. At the same time, we value the opportunity to further strengthen our already excellent partnership with European Energy,” says Torbjørn Lange, Head of Real Estate and Direct Infrastructure at Sampension.

About Sampension

Sampension is an administrative community with assets exceeding DKK 300 billion and approximately 347,000 customers and members. Sampension is customer-owned and manages occupational and corporate pensions for Sampension Livsforsikring A/S, the Pension Fund for Architects & Designers (PAD), the Pension Fund for Agricultural Academics & Veterinarians (PJD), and the Pension Fund for Engineers (ISP).

Contact

Sampension
Rune Lindberg, Head of Press at Sampension, Tel: +45 40322901

European Energy
Ming Ou Lü, PR Manager, Tel: +45 31269376, miol@europeanenergy.dk