European Energy secures financing for hybrid solar and storage project in Latvia

Financing agreement with Luminor supports European Energy’s delivery of large-scale hybrid renewable project in Latvia.

• European Energy has secured EUR 37.9 million of long-term project financing for a hybrid solar and battery storage project in Saldus, Latvia.
• Once operational, it will be among the most advanced hybrid renewable facilities in Latvia.
• The storage system is designed to support grid stability, balance electricity supply and demand, and provide flexibility in light of Latvia’s recent disconnection from the BRELL network.
• The transition away from the BRELL system is reinforcing the need for new energy infrastructure, including storage.

Copenhagen, Denmark, 10th of November, 2025 –  European Energy has secured EUR 37.9 million of long-term project financing to support the development of a hybrid solar and battery energy storage park in the municipality of Saldus, Latvia. The solar park is co-owned by by European Energy and Sampension.

The project will comprise a 65 MW solar park and a 92 MWh battery energy storage system (BESS) across approximately 96 hectares. Once operational, it will be among the most advanced renewable energy facilities of its kind in Latvia. The BESS will support grid stability, balance electricity supply and demand, and enhance system flexibility, particularly following Latvia’s recent disconnection from the BRELL power network.

Construction is scheduled for completion in the second half of 2026.

“Securing non-recourse project financing proves the bankability of EE’s hybrid (BESS-coupled) projects, while supporting the continued addition of renewable energy generation and modern storage capacity to the Latvian electricity system,” says Jens-Peter Zink, Deputy CEO, European Energy. “Hybrid renewable parks play an important role in integrating variable energy sources efficiently while helping ensure a stable electricity supply for consumers.”

Latvia already sources more than 70% of its electricity from renewable energy, and solar deployment is expected to increase considerably in the coming years. The transition away from the BRELL system is accelerating the build-out of new energy infrastructure, including storage capacity to enhance market resilience.

“Our support for this project in Saldus Municipality reflects the ongoing development of Latvia’s energy system towards greater independence and sustainability. European Energy brings established international project delivery experience, and we value the cooperation that began last year. This financing supports one of the largest solar energy initiatives in Latvia, contributing to a more flexible and technology-driven power sector,” says Ilze Zoltnere, Head of the Corporate Department at Luminor Bank in Latvia.

Contact

Ming Ou Lü

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+45 3126 9376

miol@europeanenergy.com