Latvia Solar Farm Investment is taking a major step toward renewable energy. The Nordic Investment Bank (NIB), Luminor Bank, and NORD/LB have joined forces to co-finance a 148 MWp solar farm in Ventspils municipality. Stelo Orienta SIA, a subsidiary of European Energy, is developing the project. It will be the country’s largest solar installation to date.

A Major Investment in Latvia Solar Farm Development

The €68 million financing package includes a €28 million loan from NIB. The European Union supports this loan through NIB’s InvestEU Framework Operation on Clean Energy Transition. Notably, this is NIB’s first InvestEU loan in Latvia.

Currently, Latvia still relies heavily on natural gas, making renewable energy expansion essential. André Küüsvek, NIB President and CEO, highlights the urgency: “The desynchronisation from the Russian and Belarusian power grids will heighten the need for reliable domestic energy generation in the Baltics. Creating new renewable capacities will help the Baltic states towards energy independence.”

Public-Private Partnerships Drive Latvia Solar Farm Investment

Collaboration between public and private institutions is essential for large-scale renewable energy projects. Consequently, Heiko Ludwig, Global Head of Structured Finance at NORD/LB, emphasizes the impact: “We’re delighted to partner as lead arranger with NIB, InvestEU, and Luminor Bank in financing European Energy’s solar farm in Ventspils, Latvia—the largest ever constructed in the country. This critically important project will not only help in Latvia’s wider mission to decarbonize its economy but also stands as a prime example of how public-private financing partnerships are key to funding and progressing the renewable energy transition in Europe.”

Luminor Bank is also contributing to the financing, aligning with its sustainability goals. Additionally, Ilze Zoltnere, Head of the Corporate Department at Luminor Bank, states: “We are excited to contribute to Latvia’s most ambitious solar park project by providing part of the funding in cooperation with experienced international partners. This initiative will significantly enhance Latvia’s energy system, reduce emissions, and promote societal welfare. The green energy produced will supply electricity for more than 40,000 households.”

The European Commission Supports Renewable Energy in Latvia

European policymakers recognize the importance of investing in renewable energy. Therefore, Valdis Dombrovskis, Commissioner for Economy and Productivity, underscores the European Commission’s support: “The European Commission is committed to mobilizing much-needed investments to decarbonize 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.”

Project Timeline and Expected Renewable Impact

Construction of the solar PV farm will begin in early 2025. The project will connect to the grid by Q1 2026. Afterward, commercial operations will start in the first half of the year. Once completed, the solar farm will be one of Latvia’s largest. Moreover, it will boost the country’s renewable energy capacity and reduce reliance on fossil fuels.

Jens-Peter Zink, Deputy CEO of European Energy, stresses the importance of investment in renewable projects. He states: “European Energy is keen on driving the transition from fossil fuels to renewable energy in the Baltics. A lot of financial resources are needed for this task, and we are satisfied that NIB sees great potential in this endeavor.”

A Milestone for Latvia Solar Farm Investment

Latvia’s largest solar farm marks a significant milestone in the country’s transition to sustainable energy. With support from major financial institutions and European policy initiatives, this project highlights the growing role of renewable energy. It ensures energy independence, cuts emissions, and strengthens economic resilience.

As Europe accelerates its commitment to a greener future, large-scale projects like this serve as models for integrating public and private investment in renewable energy. Ultimately, the Ventspils solar farm is a leap forward for Latvia and an example for similar initiatives across the continent.